SEC to take appropriate enforcement action against CBEX promoters, others, issues clarification  

The Commission clarified it did not grant registration to Crypto Bridge Exchange)CBEX or its affiliates to operate in Nigeria.

SEC made the clarification in a statement on Thursday, in response to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange), CBEX, which reportedly also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/ Super Technology.

SEC noted media reports which states that CBEX and its affiliates has held itself out as a digital asset trading platform, offering high returns to investors in Nigeria.

The Commission denied granting a registration license to either CBEX or any of its affiliates.

“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 partly reads.

“CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints,” the Commission added.

Naijaonpoint earlier reported that the House of Representatives on Thursday cautioned public figures, celebrities, and influencers against promoting unregistered investment schemes amid the collapse of a fraudulent cryptocurrency investment scheme known as “CBEX”. 

In a surprising twist, affected users were instructed to deposit additional funds—at least $100—in order to regain access to their accounts. For those with balances above $1,000, the required deposit was set at $200.

Shortly before shutting out its subscribers, CBEX issued a message stating:

“All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”  

Despite signs of trouble, several new users reportedly signed up after the withdrawal restriction, believing it was a technical delay that would be resolved within days.