SEC warns public vs unregistered platforms
THE SECURITIES and Exchange Commission (SEC) has issued advisories against HFM-HF Markets and Exness Global Ltd., warning investors that both platforms operate without the required license in the Philippines.
In separate notices, the corporate regulator noted that while the firms are registered as broker-dealers in other countries, they lack Philippine registration as required under the Securities Regulation Code to operate as securities dealers or exchanges.
HFM-HF Markets describes itself as a multi-asset contract for difference (CFD) trading platform offering access to foreign exchange, commodities, bonds, metals, energies, shares and indexes. The platform promotes a seamless trading experience combining technology, education and trading conditions, according to its website.
Exness Global, meanwhile, positions itself as a global brokerage providing access to financial markets including foreign exchange, cryptocurrencies, stocks and commodities, largely via CFDs.
The SEC said both platforms use social media and mobile apps to attract Filipino investors. Local users can access HFM-HF and Exness through their websites and apps on Google Play and Apple App Store.
Commission records show neither HFM-HF nor Exness is registered as a corporation in the Philippines, nor are they licensed to sell securities, act as brokers or dealers or operate an exchange under the Securities Code.
The SEC advised the public to exercise caution when engaging with unregistered online investment platforms and their representatives.
It warned that anyone selling or promoting these platforms in the Philippines, including through online channels, may face fines of as much as P5 million or a jail term of up to 21 years.
Representatives, brokers, agents, promoters, influencers or enablers could be held liable under the code, the regulator said.
Both HFM-HF and Exness did not immediately reply to separate e-mails seeking comment. — Alexandria Grace C. Magno
You May Also Like
Etsy witches can apparently turn you into a crypto millionaire for $73
New snake oil? Etsy witches are hawking spells they claim can change the weather on your wedding day, help you with your love life, or fatten your crypto portfolio. Etsy witches have become a massive trend on social media this year — from romance spells to helping manifest fame. Did you know they can also apparently help you become a crypto millionaire? The practice of witchcraft, once punishable by death by fire (or being pushed off a cliff), has become a talking point on TikTok. Online marketplace Etsy, which allows people to sell their handmade beanies and custom dog collars, has become a hub for the spellcasters despite having a ban on “metaphysical services.” Read more
Ripple CEO Reacts to BBB Rating for Ripple Prime, Lists Three Points It Validates
