The Securities and Exchange Commission (SEC) has clarified that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a Digital Assets Exchange in Nigeria, following reports of its deceptive activities.
In a circular dated April 17, 2025, the SEC responded to recent concerns about CBEX, which also operates under the names ST Technologies International Ltd and Smart Treasure/Super Technology. The platform had falsely presented itself as a legitimate digital asset trading platform, offering high returns to Nigerian investors.
The SEC emphasized that CBEX and its affiliates were not registered to operate in the Nigerian capital market and had misled the public through promotional activities designed to deceive potential investors. Investigations revealed that CBEX had failed to honor withdrawal requests and had shut down its physical offices, leaving numerous investors in distress.
Citing Section 196 of the Investments and Securities Act 2025, the SEC announced plans to collaborate with law enforcement agencies to take enforcement actions against CBEX, its affiliates, and promoters. The commission also issued a public advisory, urging Nigerians to avoid platforms promising unrealistic returns or relying on recruitment-based schemes. It advised the public to verify the registration status of investment platforms on the SEC’s official portal before investing.
Dr. Emomotimi Agama, SEC’s Director General, emphasized that while the commission supports financial innovation, it must operate within a regulated framework that ensures investor protection. He added that the SEC is intensifying efforts to crack down on illegal investment schemes, particularly in the digital and virtual asset sectors.
In related news, the House of Representatives issued a warning to public figures, celebrities, and influencers, cautioning them against promoting unregistered investment schemes. This comes after the collapse of CBEX, which reportedly trapped funds amounting to N1.3 trillion, affecting thousands of Nigerians. Lawmakers cautioned that promoting such schemes could lead to legal liabilities under the new Investments and Securities Act (ISA).
