The Securities and Exchange Commission (SEC) has stated that Crypto Bridge Exchange, also known as CBEX, has not received any registration from the Commission to operate as a Digital Assets Exchange.
In a circular dated April 17, 2025, the Commission addressed recent media reports regarding the activities of CBEX. The SEC stated, “CBEX, which also operates under the corporate identities of ST Technologies International Limited and Smart Treasure/Super Technology, has misrepresented itself as a digital asset trading platform, promising high returns to investors in Nigeria.”
The SEC clarified that neither CBEX nor its affiliates have ever been granted registration to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other functions within the Nigerian capital market.
“Preliminary investigations by the Commission have indicated that CBEX has engaged in promotional activities designed to create a false perception of legitimacy, enticing unsuspecting individuals to invest money with the promise of unusually high guaranteed returns within a short timeframe,” the Commission reported.
Furthermore, the SEC highlighted that CBEX has failed to honour withdrawal requests from its subscribers and has abruptly closed its physical offices amid growing complaints.
