Founded in 2019 in Singapore by a group of former Morgan Stanley executives, Phemex set out to create a semi-centralized, user-centric cryptocurrency trading platform designed to appeal to a broad audience. The concept quickly gained traction among investors, leading to rapid growth. In just a few years, Phemex accumulated over five million users actively buying, selling, and trading cryptocurrencies, with a 24-hour trading volume exceeding $5 billion.