SEC Declares CBEX Unauthorised, Warns Nigerians Against Fraudulent Investment Platforms.
The Securities and Exchange Commission (SEC) has announced that Crypto Bridge Exchange (CBEX), also known by aliases such as ST Technologies International Ltd and Smart Treasure/Super Technology, was never registered to operate as a Digital Assets Exchange in Nigeria.
In a circular dated 17th April 2025, the Commission responded to recent media coverage regarding CBEX’s activities. It clarified that the entity falsely portrayed itself as a legitimate digital asset trading platform offering high and unrealistic returns to unsuspecting Nigerian investors.
The SEC confirmed that CBEX and its affiliates were neither registered to operate in the Nigerian capital market nor authorised to solicit public investments. Preliminary investigations by the Commission revealed that CBEX engaged in deceptive promotional campaigns designed to project a false sense of credibility.
The platform has since failed to honour investor withdrawal requests and reportedly shut down its physical offices, leaving many victims in financial distress.
Citing Section 196 of the Investments and Securities Act 2025, the Commission stated that it would collaborate with relevant law enforcement agencies to initiate enforcement actions against CBEX, its promoters, and affiliates.
In a strong public advisory, the SEC urged Nigerians to steer clear of platforms offering implausible investment returns or operating through recruitment-based schemes, commonly associated with Ponzi operations. The Commission further encouraged the public to verify the registration status of any investment platform through its official portal: [www.sec.gov.ng/cmos](http://www.sec.gov.ng/cmos).
Dr Emomotimi Agama, Director General of the SEC, reaffirmed the Commission’s commitment to protecting investors and preserving market integrity through stricter enforcement of regulations under the newly enacted Investments and Securities Act 2025.
“While the SEC fully supports financial innovation, it must take place within a well-regulated framework that prioritises the protection of investors,” said Dr Agama. “The new Act has significantly enhanced our ability to prosecute fraudulent activities, especially in the digital and virtual asset space.”
Dr Agama also referenced the Commission’s prior actions under the repealed law, including the successful prosecution of the Fahmzi Interbiz Ponzi scheme, whose promoters were jailed for defrauding Nigerian investors.
Meanwhile, the House of Representatives has also issued a warning to celebrities, influencers, and public figures against promoting unregistered investment schemes. The caution follows the collapse of CBEX, which has reportedly trapped investors’ funds amounting to over ₦1.3 trillion.
Akin Rotimi, spokesperson for the House, highlighted that under the new Investments and Securities Act, anyone found promoting or endorsing unregistered schemes could be held legally accountable.
As investigations continue—now involving INTERPOL and the EFCC into what is estimated to be an $847 million fraud—the SEC is calling on the public to remain vigilant and report suspicious platforms to the appropriate authorities.
