The SEC declares CBEX an unregistered and illegal investment platform in Nigeria, warning the public to avoid its high-return Ponzi-style offerings
[dropcap]T[/dropcap]he Securities and Exchange Commission (SEC) has issued a stern warning to the Nigerian public, declaring that Crypto Bridge Exchange (CBEX) is not registered to operate as a digital assets exchange in the country.
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The regulatory body cautioned investors against engaging with the platform or its affiliates due to concerns over fraudulent practices and illegal investment solicitation.
In a circular released on Thursday, the Commission revealed that CBEX and its aliases – ST Technologies International Ltd and Smart Treasure/Super Technology – have been operating unlawfully, offering unrealistic returns and engaging in deceptive promotional campaigns to mislead unsuspecting Nigerians.
“Neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a digital assets exchange, solicit investments from the public, or perform any other function within the Nigerian capital market,” the SEC stated.
CBEX has come under fire for promising 100% Return On Investment (ROI) within 30 days, falsifying withdrawal records, and failing to honour users’ requests to access their funds. The platform has also reportedly shut down its physical offices as investor complaints mount.
The SEC, citing Section 196 of the newly enacted Investments and Securities Act 2025, affirmed it would collaborate with law enforcement agencies to initiate enforcement actions against CBEX and its promoters.
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“Promoters of CBEX will not go scot-free. The new law gives the Commission the legal backing to protect investors and restore market confidence,” – SEC Director-General, Emomotimi Agama
Agama further emphasised that while the SEC remains committed to innovation in the financial sector, such innovation must occur within a regulated framework that protects investors and maintains market integrity.
Also read: SEC grants approval to two crypto exchanges in Nigeria
The Commission also advised the public to steer clear of investment schemes that offer unrealistic or guaranteed returns, highlighting its ongoing crackdown on Ponzi schemes and unregistered digital platforms.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
