SEC warns investors vs Exness Global, HF markets

The Securities and Exchange Commission (SEC) continues its crackdown on entities not licensed to offer investment products to the public, flagging the illegal operations of two more platforms.

In a statement on Thursday, the regulator said the investment platforms Exness Global Limited or Exness Global-Trading App and HF Markets were not authorized. They have not allowed to let their users to invest and trade unregistered securities.

Exness Global operates a trading platform that focuses on financial markets, including forex, crypto, stocks and commodities. The operation is done primarily through contracts for difference (CFD) —a financial derivative that enables speculation on price movements.

HF Markets, on the other hand, enables users to “CFD on forex, commodities, bonds, metals, energies, shares, indices and more.”

Based on its investigation, the SEC said Exness Global and HF Market have been using social media platforms and mobile applications to entice more investors, including Filipinos, to use their platforms.

Their mobile applications are also accessible to Filipino investors since these are downloadable from Google Play and the Apple App Store.

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The Commission said that both groups may be authorized as brokers or dealers in “different jurisdictions.” But it maintained that entities that want to offer investment products in the Philippine market must ensure such securities are registered with the SEC.

Securities should also be issued by a registered corporation or licensed dealer that holds a secondary license to sell or offer securities.