Crypto Bridge Exchange (CBEX) remains banned and is not licensed to operate in Nigeria.
The public is urged to avoid the platform to prevent potential financial losses.
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The Securities and Exchange Commission (SEC) has reiterated that Crypto Bridge Exchange (CBEX), which is linked to ST Technologies International Ltd., remains banned from operating within Nigeria.
In a public statement released on Wednesday, the regulatory body emphasized that CBEX, also known under other names like Smart Treasure or Super Technology, is not registered with the commission and is therefore not authorized to provide any form of investment-related services in the country.
SEC expressed concern over reports suggesting that CBEX had resumed operations across Nigeria. According to these reports, the exchange has allegedly been demanding fees from its users in order to process withdrawals. Specifically, customers with account balances over $1,000 are being asked to pay $200, while those with less than $1,000 are being charged $100 before they can access their funds.
The commission firmly stated that neither CBEX nor its parent company has received the necessary approval to carry out investment business with the Nigerian public. It further disclosed that enforcement actions had already been taken against the platform due to previous violations.
SEC is now working closely with law enforcement agencies to investigate the activities of CBEX and its promoters. The commission assured the public that any further actions taken would comply with the provisions of the Investments and Securities Act of 2025.
Investors and members of the public have been strongly advised not to engage with CBEX or any of its associated entities, as doing so could result in financial losses. To ensure safety, SEC encouraged individuals to confirm the legitimacy of any investment platform through its official website at www.sec.gov.ng/cmos/.
The commission reaffirmed its commitment to safeguarding investors and upholding the integrity of Nigeria’s financial markets.
