Manila: The Securities and Exchange Commission (SEC) has issued a warning to the public regarding the illegal operations of Excess Global Limited/Exness Global-Trading App and HF Markets (HFM).

According to Philippines News Agency, the SEC released separate advisories stating that Excess Global Limited, which operates an online trading platform and mobile app, has been actively conducting promotional campaigns to attract investors, including Filipinos, through its website. This activity is being carried out without the necessary registration required by law.

The SEC cautioned that individuals involved as salesmen, brokers, agents, promoters, recruiters, influencers, endorsers, or enablers of the Exness Global platform could face criminal charges under the Securities Regulation Code (SRC). Penalties for such violations include fines of up to PHP5 million, imprisonment for up to 21 years, or both.

In addition, the SEC highlighted that HF Markets (HFM) is not authorized to accept public funds for products related to contracts for difference (CFDs). These financial instruments allow investors to speculate on price movements without owning the underlying assets. HFM is reported to offer CFDs across various sectors including foreign exchange, commodities, bonds, metals, energies, shares, and indices, promoting itself as providing a technology-driven trading experience.

Despite claims of offering multi-asset solutions with advanced technology, wide-ranging education, and superior trading conditions, the SEC underscored that HFM is not compliant with regulatory standards.