Exness, HFM flagged for illegal trading
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The Securities and Exchange Commission (SEC) has warned the public against dealing with Exness Global Limited/Exness Global-Trading App and HF Markets (HFM), citing their illegal solicitation of investments.
The regulator said Thursday that both Exness Global and HFM operate platforms that allow users to invest and trade unregistered products without the proper registration as corporations, or the required license to sell or offer securities under the Securities Regulation Code.
The SEC said Exness Global runs a trading platform that gives users access to financial markets, including forex, crypto, stocks, and commodities, primarily through contracts for difference (CFD).
Meanwhile, HF Markets operates a trading platform where the public can “CFD on Forex, Commodities, Bonds, Metals, Energies, Shares, Indices, and more,” the Commission added.
The SEC said it remains committed to stopping illegal investment activities through public advisories and financial literacy campaigns.
“You may visit the SEC website at www.sec.gov.ph to know more about the Commission’s enforcement actions and investor education campaigns,” it said.
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