Is Phemex legit?

Certainly! Here's a simulated questioner's tone, based on the paragraph "Is Phemex legit?": "Hey there, I've been hearing a lot about Phemex lately and I'm wondering if it's really legitimate. Can anyone vouch for their reputation and security measures? I'm thinking about investing some of my hard-earned money, but I don't want to get burned. What kind of regulatory oversight does Phemex have in place? And how do they protect their users' funds? Any insights or experiences you can share would be greatly appreciated!