SEC warns Nigerians against CBEX’s return, labels crypto platform “illegal, banned”

The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians against engaging in any transactions with Crypto Bridge Exchange (CBEX), following widespread reports on social media about the platform’s sudden reappearance in the country’s investment space.

In an official statement released on Wednesday, June 11, 2025, the SEC clarified that CBEX remains banned in Nigeria and is not licensed to operate or offer any investment-related services within the country.

The commission also revealed that CBEX is operating under a different identity, ST Technologies International Ltd, which also goes by Smart Treasure or Super Technology—names the SEC identified as part of the same unauthorized scheme.

The regulator’s warning comes nearly two months after CBEX collapsed on April 15, 2025, in a scandal that left millions of Nigerians reeling from massive financial losses.

The platform, which had promised 100% returns on investment, allegedly disappeared with over ₦1.3 trillion in investors’ funds, plunging households across the country into distress.

Despite its inglorious exit, social media was abuzz this week with claims that CBEX had resumed operations.

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According to multiple user reports, the platform is now demanding fresh payments of $200 from subscribers with balances above $1,000, and $100 from those with balances below that amount, purportedly as a prerequisite for processing withdrawals.

Reacting swiftly to the resurgence, the SEC dismissed the platform’s claims of legitimacy and warned that its activities were unlawful and under active investigation.

“The attention of the Securities and Exchange Commission (the Commission) has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria,” the statement read.

“The Commission hereby restates unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the Commission or authorized to offer investment-related services to the Nigerian public.”

The commission further revealed that enforcement actions had already been initiated against the promoters of CBEX following their previous unauthorized operations. It confirmed ongoing collaboration with relevant law enforcement agencies to investigate the platform’s latest activities.

The SEC cautioned Nigerians against making any financial transactions with CBEX or its affiliated aliases, emphasizing the risk of further loss.

“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX / ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” it stated.

To avoid similar pitfalls, the commission encouraged investors to verify the registration status of any investment platform through its official portal: www.sec.gov.ng/cmos.

The commission reiterated its commitment to investor protection and maintaining market integrity, stressing that no illegal investment scheme will be allowed to prey on unsuspecting Nigerians under its watch.

As authorities continue their investigations, CBEX’s case serves as a cautionary tale in Nigeria’s financial landscape, underscoring the importance of regulatory due diligence and public vigilance in the age of digital investment platforms.