A team of eight former core developers from global financial services firm Morgan Stanley has officially launched a new cryptocurrency derivatives trading platform called Phemex, based in Singapore.
According to an official press release published on December 4, the platform claims to operate ten times faster than conventional crypto trading systems. It offers up to 100x leverage for retail and institutional traders on Bitcoin and Ethereum perpetual contracts, as well as Ripple (XRP) perpetual contracts.
A Platform Designed for High Performance
The development team, led by former Morgan Stanley executives, states that Phemex was built using technology that meets institutional-grade standards. The matching engine, trading system, and risk management mechanisms were developed over a six-month period with the goal of delivering Nasdaq-level performance.
In the near future, Phemex also plans to introduce derivatives based on traditional financial instruments such as stock indices, interest rates, foreign exchange, agricultural products, metals, and energy.
Leadership with Wall Street Expertise
Jack Tao, former vice president at Morgan Stanley with over 11 years of experience, is one of the co-founders of Phemex. Under his leadership, a team of more than 30 senior developers was assembled to build the platform from the ground up.
Tao emphasized that the platform is not only focused on offering trading features but is also designed to support high-frequency trading with high stability and low latency. He stated:
“We are the first exchange to truly bring Wall Street-level advanced technology to the global crypto derivatives market. Our expertise allows us to compete with and surpass existing platforms.”
Since its soft launch on November 25, Phemex has already reached a daily trading volume of approximately 1,000 BTC in its BTC/USD perpetual contracts.
Regulatory Landscape in Singapore
The launch comes at a time when Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), is considering bringing cryptocurrency derivatives trading under its regulatory framework.
A proposal published in November suggests that derivatives based on cryptocurrencies like Bitcoin and Ethereum should fall under the country’s Securities and Futures Act. This move could provide a clearer regulatory pathway for platforms like Phemex to operate within a compliant environment.
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Frequently Asked Questions
What is Phemex?
Phemex is a cryptocurrency derivatives trading platform developed by former Morgan Stanley developers. It offers high-speed trading with leverage of up to 100x on popular cryptocurrencies.
What makes Phemex different from other crypto exchanges?
The platform is built with institutional-grade technology aimed at delivering low latency, high stability, and Nasdaq-level performance. It also plans to expand into traditional financial derivatives.
Is Phemex regulated?
Phemex is registered in Singapore. While it is not yet fully regulated under local derivatives laws, upcoming regulatory changes may provide a clearer legal framework.
What assets can I trade on Phemex?
Currently, the platform supports Bitcoin, Ethereum, and XRP perpetual contracts. More crypto and traditional asset-based derivatives are planned.
Who is behind Phemex?
The team includes former developers and executives from Morgan Stanley, bringing years of experience in traditional finance and high-frequency trading systems.
How can I start trading on Phemex?
Users can sign up on the platform’s website, complete account verification, and start trading after depositing supported cryptocurrencies.