I made an $11 deposit that was flagged…
I made an $11 deposit that was flagged as coming from a "gambling-related source" and blocked under Phemex's AML/CFT policy. Fair enough if that's the policy, but here's the part that's hard to accept: Phemex refused to refund the $11, citing "security considerations" and "operational cost constraints," and instead offered a $10 Futures bonus as a substitute. The catch is that this bonus comes with a wagering requirement, meaning I'd have to actively trade with it and take on market risk just to unlock it. If the trade goes badly, I lose the bonus entirely and I'm left with nothing, while my original $11 is still gone. That's not a goodwill gesture, it's asking customers to gamble in order to get their own money back. What also stood out is the inconsistency: Phemex has Polymarket, a prediction market functionally similar to a sportsbook, integrated directly into its own platform, while treating deposits from other betting-related sources as high-risk and unrefundable. For a dispute over $11, this felt like a disproportionate amount of friction, vague policy language, and a bonus offer designed to benefit them more than the customer. Support was polite throughout, but the resolution process itself left a bad impression.