The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians against transacting with Crypto Bridge Exchange (CBEX), stating that the platform is neither licensed nor registered to operate as a digital asset exchange in the country.
In a circular released on Thursday, the capital market regulator clarified that CBEX, which also operates under various aliases such as ST Technologies International Ltd and Smart Treasure/Super Technology, has been unlawfully soliciting investments while promising outrageously high returns.
“The Commission hereby clarifies that 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 statement read.
Investigations by the SEC have revealed that CBEX has been offering returns as high as 100 percent within 30 days—a model the Commission described as both unrealistic and unsustainable. The platform is also accused of publishing falsified withdrawal records to conceal users’ inability to access their funds.
Further findings show that CBEX launched aggressive promotional campaigns to lure unsuspecting Nigerians with false promises of guaranteed profits. Amid mounting complaints, the platform has reportedly shut down its physical offices, leaving many investors stranded.
Citing Section 196 of the newly enacted Investments and Securities Act 2025, the SEC stated that it would collaborate with relevant law enforcement agencies to bring the promoters and operators of CBEX to justice.
SEC Director-General, Dr. Emomotimi Agama, emphasized that the Commission is now empowered to launch a coordinated clampdown on illegal investment schemes, including those in the digital assets space.
“Promoters of CBEX will not go scot-free. The new law gives the Commission the legal backing to protect investors and restore market confidence,” Dr. Agama asserted.
While reiterating the SEC’s commitment to fostering innovation in financial technology, he warned that such innovations must operate within a regulated framework that prioritizes investor safety and market transparency.
The Federal Government has also expressed concern over the growing incidence of Ponzi schemes in Nigeria and extended its sympathies to victims of CBEX, urging citizens to be more vigilant and seek proper guidance before investing in digital platforms.
As part of its investor protection mandate, the SEC urged the public to avoid entities promising unrealistic returns or operating outside the legal regulatory framework.
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