The Securities and Exchange Commission has warned the public against investing in Exness Global Limited (Exness Global-Trading App) and HF Markets (HFM) for the illegal solicitation of investments.
In separate advisories, the SEC said both entities operate platforms that allow users to trade unregistered investment products without being registered as corporations in the Philippines. Neither firm has secured the required license or authority to sell or offer securities in the country.
According to the SEC, Exness Global operates a platform giving users access to financial markets such as foreign exchange, cryptocurrency, stocks, and commodities, primarily through contracts for difference (CFD).
Similarly, the commission said HF Markets allows the public to trade CFDs on forex, commodities, bonds, metals, energies, shares, and indices. Both platforms allow Filipinos to create user accounts to trade these unregistered products.
While the operators appear to be registered brokers or dealers in other jurisdictions, the SEC explained that the Securities Regulation Code requires prior registration before securities and investment products can be offered to the public in the Philippines.
The SEC also warned that salesmen, brokers, dealers, promoters, recruiters, influencers, and other enablers of these platforms may be held criminally liable. Penalties include a maximum fine of P5 million, imprisonment of up to 21 years, or both.
