The Securities and Exchange Commission (SEC) has issued a stern warning to the public, declaring that Crypto Bridge Exchange (CBEX) is not a registered digital assets exchange in Nigeria and has been operating illegally under various aliases, including ST Technologies International Ltd and Smart Treasure/Super Technology.
In a circular released on Thursday, the SEC confirmed that CBEX has not been licensed to operate, solicit investments, or engage in any capital market activities within the country. The commission cautioned Nigerians against falling victim to fraudulent investment promises, especially platforms offering unrealistic returns.
Naija Blog Daily previously reported that CBEX promised investors a 100% Return On Investment (ROI) in just 30 days, raising red flags across financial and regulatory communities.
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According to the SEC, investigations show that CBEX engaged in deceptive promotional tactics, including falsified withdrawal records to cover up difficulties users face in accessing their funds. The platform reportedly shut down its physical offices amid mounting complaints from victims.
“The promoters of CBEX will not go scot-free,” said SEC Director-General Emomotimi Agama. “The new Investments and Securities Act 2025 gives us stronger enforcement powers to prosecute unregistered operators, especially in the digital assets and crypto space.”
Agama stressed that while the SEC supports innovation in financial services, such innovation must take place within a regulated and transparent environment that prioritizes investor protection and market integrity.
He confirmed that the Commission is working with law enforcement agencies to crack down on CBEX, its affiliates, and its promoters.
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The SEC urged the public to avoid any investment platform offering guaranteed high returns, as these are often Ponzi schemes designed to defraud unsuspecting Nigerians.
Meanwhile, the Federal Government of Nigeria has expressed sympathy to victims of the CBEX scam, calling on all Nigerians to join hands in the fight against the proliferation of illegal investment schemes across the country.
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