Phemex, a cryptocurrency exchange, has temporarily suspended its withdrawal function to conduct emergency inspections and enhance wallet services. This decision aims to ensure the safety of its operations. Despite the suspension, trading services on the platform remain unaffected. Phemex is also working on a compensation plan for its users, with details to be announced soon.

PANews reported on January 23 that the cryptocurrency exchange Phemex officially announced that in order to ensure safety, it has temporarily suspended the withdrawal function in order to conduct emergency inspections and strengthen wallet services. The team promised that a compensation plan is being developed and the details will be announced soon. Currently, the platform's trading services are operating normally and business is not affected.

Phemex Suspends Withdrawals for Emergency Inspection, Plans to Introduce Compensation Program