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The Securities and Exchange Commission (SEC) of the Philippines issued an advisory against trading platforms HFM/HF MARKET and EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP, both available as a website and a mobile app, because they are not authorized to solicit investments from the public.
SEC Advisory vs. HFM/HF MARKET
According to the SEC investigation, HFM/HF MARKETS describes itself as being a trading platform where the public can “CFD on Forex, Commodities, Bonds, Metals, Energies, Shares, Indices, and more.
Its website (https://www.hfm.com/int/ph/) is written in the Filipino language, while its mobile app is available for download on both Google Play and the Apple App Store.
The regulator emphasized that the trading platform has launched promotional campaigns on various social media platforms and mobile applications to solicit and encourage prospective Filipino investors to engage in trading activities through it.
“HFM/HF MARKETS operations allow Filipinos to create user accounts on their platform for the
purpose of investing and trading unregistered investment products.”Securities and Exchange Commission
On its website, the trading platform claims to offer a “seamless trading experience that combines innovation with excellence” through its “cutting-edge technology, wide-ranging education and impeccable trading conditions.”
EC Advisory vs. EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP
According to the SEC investigation, EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP is a global online brokerage and trading platform that gives users access to financial markets like forex, crypto, stocks, and commodities, primarily through Contract for Differences, a financial derivative that lets traders speculate on short-term price movements without owning the underlying asset.
Its website (https://www.exness.com/) is available to be accessed in 12 language but there is no Filipino language option, while its mobile app is available for download on both Google Play and the Apple App Store.
Similar to HFM/HF MARKET, the regulator also revealed that EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP has launched promotional campaigns on various social media platforms and mobile applications to solicit and encourage prospective investors, including Filipinos, to engage in trading activities through its platform.
“EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP operations allow Filipinos to create user accounts on their platform for the purpose of investing and trading unregistered investment products.”
Securities and Exchange Commission
Reason for Public Advisory
The SEC recognizes that the two trading platforms have registration in other jurisdictions but not in the Philippines:
HFM/HF Market
- HF Markets (SV) Ltd is registered in St. Vincent & the Grenadines as an International Business Company with registration number 22747 IBC 2015.
- HF Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority under firm reference number 801701.
- HF Markets SA (PTY) Ltd is authorized and regulated as a Financial Service Provider by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
- HF Markets (Seychelles) Ltd is registered under the laws of the Republic of Seychelles with registration number 8419176-1 and is regulated by the Seychelles Financial Services Authority under the Securities Dealer License as SD015.
- HFM Investments Ltd is authorized by the Capital Markets Authority of the Republic of Kenya as a non-dealing online foreign exchange broker holding license no. 155.
EXNESS GLOBAL LIMITED/EXNESS GLOBAL-TRADING APP
- Exness (SC) Ltd is a Securities Dealer authorized and regulated by the Seychelles Financial Services Authority (FSA) with license number SD025.
- Exness B.V. is a Securities Intermediary authorized and regulated by the Central Bank of Curaçao and Sint Maarten with license number 0003LSI.
- Exness (VG) Ltd is authorized by the Financial Services Commission (FSC) in BVI with registration number 2032226 and investment business license number SIBA/L/20/1133.
- Exness (MU) Ltd is authorized by the Financial Services Commission (FSC) in Mauritius with registration number 176967 and Investment Dealer (Full Service Dealer, Excluding Underwriting) license number GB20025294.
- Exness ZA (PTY) Ltd is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with FSP number 51024.
- Exness (Cy) Ltd is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 178/12.
- Exness (UK) Ltd is an Investment Firm, authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the Financial Services Register number 730729.
- Exness (KE) Limited is authorized by the Capital Markets Authority (CMA) in Kenya as a non-dealing online foreign exchange broker with license number 162.
- Exness Limited Jordan Ltd is registered with the Companies Control Department under registration No. (51905) and regulated by the Jordan Securities Commission (JSC).
And while these entities registered as broker/dealers in different jurisdictions, the regulator explained that in the Philippines, before securities and investment products can be sold or offered to the public, the Securities Regulation Code requires:
- That the securities being offered are registered with the Philippine SEC. This involves filing an application for registration and providing detailed information about the securities, including the issuance price, the use of the proceeds, and the nature of the securities.
- That the securities must be issued by a corporation or licensed dealer, both of which should be registered in the Philippines.
- That the issuer possesses a secondary license to sell or offer securities to the public.
The Commission also warned that those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the two trading platforms in selling or convincing people to invest in this platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the SRC, which imposes a penalty with a maximum fine of ₱5,000,000 or imprisonment of 21 years, or both, pursuant to Section 73 of the SRC (SEC vs, Oudine Santos G.R. No. 195542, 19 March 2014).
SEC’s Battle Against Unregistered Platforms
This is not the first time that the SEC issued a public advisory on international platforms due to lack of registration.
In August 2025, a single advisory was issued against 10 crypto-focused platforms, with a range of additional measures such as cease-and-desist orders, website blocking, criminal complaints, and takedown requests with tech companies such as Google and Meta.
Worth Reading: SEC Flags 10 Unregistered Crypto Exchanges, Eyes Website Blocking
An example of imposing further measures was when the regulator issued a cease-and-desist order against Trading Point Holdings Limited, operating under the names XM, XM Global Limited, and XM Philippines, a platform endorsed by Filipino boxing icon and former senator Emmanuel “Manny” D. Pacquiao, Sr. and forex coach/trader Jonathan Lou Reyes.
Worth Reading: SEC Issues Cease and Desist Order Against Manny Pacquiao-Endorsed Trading Platform XM
Moreover, the fight on unregistered platforms was not just for crypto exchanges. The SEC ended the year by asking the National Telecommunications Commission (NTC) to block Interactive Brokers from the Philippine internet ecosystem.
Worth Reading: Filipino Investors Report IBKR Trading Platform Blocked in PH
It was followed by the NTC ordering internet service providers to immediately block access to 50 online trading platforms operating without authorization from the Bangko Sentral ng Pilipinas.
Worth Reading: NTC Orders Blocking of 50 Unlicensed Crypto Platforms Following BSP Directive; Clarifies Amid IBKR Issue
In defense, the regulator stressed that the SEC is just balancing the interest of protecting the future onboarding of Filipinos and current users who were supposed to off-board upon the effectivity of the rules on Crypto Asset Service Providers.
Worth Reading: SEC Defends Blocking of Unregistered Crypto Exchanges, Cites Ample Warning for Filipinos
This article is published on BitPinas: SEC Issues Advisory Against EXNESS and HFM/HF Market For Illegal Investment Scheme
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