The Securities and Exchange Commission (SEC) has reiterated its stance against the operations of Crypto Bridge Exchange (CBEX) and its affiliates, warning the Nigerian public to steer clear of the unregistered entity. This announcement follows reports that CBEX has resumed operations in Nigeria under the guise of ST Technologies International Ltd, also known as Smart Treasure or Super Technology.
In a statement released on Wednesday, the SEC disclosed that CBEX, which had earlier vanished with investors’ funds, is now demanding withdrawal fees from previous subscribers. Specifically, the platform is asking users with account balances above $1,000 to pay $200, and those with lower balances to pay $100, before they can access their funds.
The Commission emphasized that neither CBEX nor any of its related entities is licensed to operate in the Nigerian capital market. “The Commission hereby restates unequivocally that neither CBEX nor ST Technologies International Ltd (Smart Treasure/Super Technology) is registered with the Commission or authorized to offer investment-related services to the Nigerian public,” the statement read.
Ongoing Enforcement Action
The SEC confirmed that enforcement actions have already been initiated against CBEX and its promoters for their previous unauthorized activities. It is currently collaborating with relevant law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), to pursue investigations and potential prosecution.
Investors were urged to confirm the registration status of any investment company or digital platform on the SEC’s official website before making any financial commitments.
“Investors risk losing their funds,” the Commission warned, adding that it remains fully committed to investor protection and the integrity of Nigeria’s capital markets.
A History of Fraud
CBEX, widely considered a Ponzi scheme operating under the pretense of a crypto investment platform, collapsed on April 14, 2025, with user funds vanishing from dashboards. At the time of the collapse, over 600,000 Nigerians were believed to have invested in the scheme.
Despite being registered with the Corporate Affairs Commission on September 25, 2024, and receiving clearance from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025, the platform never received capital market registration or investment licensing from the SEC.
With the recent enactment of the Investments and Securities Act (ISA 2025) by President Bola Tinubu, the SEC is now empowered to prosecute Ponzi scheme operators. According to SEC Director General Emomotimi Agama, promoters of such schemes now face up to 10 years in jail and a fine of N40 million if found guilty.
The Commission concluded by reaffirming its mandate to protect investors and pursue unlicensed operators who seek to exploit unsuspecting members of the public.
