CBEX trading platform crash: What investors need to know about withdrawals

• Nigerians person been near reeling aft the abrupt illness of CBEX, a integer trading level that reportedly wiped implicit N1.3 trillion from investors' accounts
• Cryptocurrency experts person uncovered fraudulent tactics down the crash, describing CBEX’s operations arsenic a Ponzi strategy disguised arsenic an concern platform
• In response, the Securities and Exchange Commission has warned against unregistered trading platforms, reinforcing regulations nether the recently enacted ISA 2025

Nigerians person taken to societal media to lament the illness of CBEX, a integer plus trading level that reportedly wiped implicit N1.3 trillion from investors’ accounts.

The level crashed connected April 14, causing funds successful idiosyncratic wallets to vanish.

Can Nigerians Still Withdraw Their Money connected CBEX? Expert Shares Key Things You Need to Know
Source: Getty Images

According to PUNCH: CBEX subsequently locked its Telegram channels, postponed withdrawals, and offered investors a verification option—$2,000 for $200 verification and $1,000 for $100 verification—raising suspicions astir its operations.

Experts uncover deceptive practices

Cryptocurrency adept Taiwo Owolabi, analysing the clang connected X space, revealed that stolen funds, amounting to $847 cardinal successful USDT, had been transferred to a TRX code and were apt to increase.

Owolabi stressed that CBEX was not a licensed platform, noting its website had been designed to mimic morganatic trading sites similar ByBit.

He explained that CBEX displayed fictitious trading activities to lure investors, with its AI trading wholly fabricated. Withdrawals were reportedly funded utilizing caller investors' deposits, operating likewise to a Ponzi scheme.

Can Nigerians inactive retreat their money?

Owolabi, portion explaining connected the X space, said that successful reality, each the funds are gone. Unless radical determine to wage the $100 and $200 verification fees, that way, they volition settee immoderate radical and permission others to languish.

He besides maintained that it was the aforesaid mode fashionable Ponzi schemes that person duped Nigerians successful the past behaved, adding, “It is simply a rob Peter to wage Paul’ deal.

SEC warns against unregulated forex trading

Following the CBEX collapse, the Securities and Exchange Commission (SEC) reaffirmed its stance connected unregistered trading platforms.

In accordance with the precocious enacted ISA 2025, the SEC clarified that operating an online overseas speech trading level without anterior registration was present an offence successful Nigeria.

SEC Director General Dr Emomotimi Agama described the instrumentality arsenic a important measurement successful strengthening Nigeria’s capital market and ensuring capitalist protection. The committee urged businesses intending to run successful the integer trading abstraction to question due registration to debar sanctions.

CBEX collapses, traps trillions of naira

Legit.ng earlier reported the CBEX level has reportedly collapsed, leaving investors with important amounts of Naira trapped.

This incidental follows a caller petition by the level for further deposits from its users, raising concerns astir the platform's legitimacy and its operations wrong the country.​ Legit.ng checks uncover that the level has changed its domain sanction severally betwixt January 2024 and February 1, 2025.

According to respective sources, it went from cbex.cx to cbex8.com successful July 2024, past to cbex9.com successful September 2024, cbex-dex.com connected November 13, 2024, and cbex39.com successful February 2025.

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Source: Legit.ng