The Securities and Exchange Commission of Nigeria has issued a strong warning against Crypto Bridge Exchange, stating that the platform is not registered or regulated to operate as a digital assets exchange in the country.
In a circular released Thursday, the SEC revealed that CBEX, which also goes by names like ST Technologies International Ltd and Smart Treasure/Super Technology, has been illegally soliciting investments and promising unrealistic returns to the public—actions the Commission deems unlawful and misleading.
“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 SEC stated.
It was earlier reported that CBEX is a digital trading asset platform that gives investors a 100 per cent Return On Investment in 30 days.
Nonetheless, the platform’s operational model is now under intense scrutiny following allegations of fraud and misrepresentation. It is accused of generating fake withdrawal records to disguise the challenges users experience when attempting to retrieve their funds.
According to the capital market regulator, preliminary investigations revealed that CBEX engaged in promotional activities designed to create a misleading appearance of legitimacy. The platform allegedly enticed investors with promises of guaranteed high returns, failed to process withdrawal requests, and has since closed its physical offices amid growing complaints.
The commission stated that, in line with Section 196 of the Investments and Securities Act 2025, it would work with relevant law enforcement agencies to initiate enforcement actions against CBEX, its affiliates, and promoters.
The SEC also cautioned the public against investing in entities that promise unrealistic returns or operate unregistered digital investment schemes.
In a statement, SEC Director-General Emomotimi Agama announced that the commission is implementing a more robust and coordinated enforcement regime to clamp down on illegal and unregistered investment operations, commonly known as Ponzi schemes.
Promoters of CBEX will not go scot-free. The new law gives the Commission the legal backing to protect investors and restore market confidence,” Agama stated.
He emphasized the SEC’s commitment to supporting innovation in financial services but emphasised that all innovations must occur within a regulated environment that prioritises investor protection and market integrity.
