Phemex placed 82 distinct USDT spot pairs under Special Treatment on Aug. 31, requiring users to pass a mandatory Risk Cognizance Test before trading them. The restriction took effect at 10:00 UTC and covers assets including ETC, XTZ, SNX, YFI, NEXO, AXS, USDe and TUSD. The exchange issued separate notices covering 43 pairs and 40 entries; MAGIC/USDT was duplicated in the second notice, leaving 82 unique markets. Phemex said each pair met one or more of three reason categories: persistently low volume and insufficient liquidity, a project team’s failure to provide a valid response to operational-update requests, or missed critical whitepaper milestones without a reasonable public explanation. The notices do not identify the applicable reason for each pair. Under Phemex’s broader rules, low liquidity can be established when three of four tests are met, while a potential-risk classification requires only one listed condition. Phemex will continue reviewing the projects and may remove the designation if conditions improve or delist a token if they deteriorate. No withdrawal deadline was set, and holders were told to monitor announcements and assess the risks during the observation period.