SEC targets CBEX operators over alleged massive Ponzi fraud in Nigeria

• The SEC has confirmed that CBEX, the integer plus trading level down a large concern scam, was ne'er authorised to run successful the country
• The level utilized deceptive promotions to lure unsuspecting Nigerians, and abruptly unopen down aft trapping billions of naira successful investors' funds
• Reacting via a statement, the SEC pledged to collaborate with instrumentality enforcement to prosecute CBEX and its promoters

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.

Nigeria's Securities and Exchange Commission (SEC) has responded to the ongoing concerns surrounding CBEX (Crypto Bridge Exchange), a level astatine the centre of a large concern scam that has caused galore Nigerians to suffer billions of naira.

The Commission revealed that CBEX was ne'er registered oregon authorised to run arsenic a Digital Assets Exchange oregon to rise funds from the nationalist successful Nigeria. Photo recognition - SEC, CBEX
Source: UGC

CBEX, which besides operates nether names similar ST Technologies International Ltd and Smart Treasure/Super Technology, presented itself arsenic a integer plus trading company, promising investors precocious returns.

However, the level recently collapsed, leaving immense sums of investors’ money trapped.

SEC targets CBEX operators

In a connection released connected Thursday, April 17, 2025, the SEC said it became alert of the level pursuing wide media coverage.

The Commission revealed that CBEX was ne'er registered oregon authorised to run arsenic a Digital Assets Exchange oregon to rise funds from the nationalist successful Nigeria.

Preliminary findings showed that CBEX utilized assertive promotions to look morganatic and pull unsuspecting investors by offering unrealistic and guaranteed returns successful a abbreviated time.

This improvement comes conscionable weeks aft the SEC issued a informing to the nationalist astir the dangers of Ponzi schemes and listed 58 amerciable investment platforms operating crossed the country.

The caller statement by the SEC read:

"Preliminary investigations carried retired by the Commission person revealed that CBEX engaged successful promotional activities to make a mendacious cognition of legitimacy, successful bid to entice unsuspecting members of the nationalist into investing monies, with the committedness of implausibly precocious guaranteed returns wrong a abbreviated timeframe."

CBEX reportedly stopped processing withdrawal requests from its users and abruptly unopen down its carnal offices, starring to a question of complaints from investors.

In response, the SEC announced that it volition enactment with instrumentality enforcement agencies to instrumentality due ineligible enactment against CBEX, its associated companies, and those promoting the scheme, arsenic provided nether Section 196 of the Investments and Securities Act 2025.

The Commission besides took the accidental to pass the nationalist against putting wealth into schemes that committedness unusually precocious returns oregon trust connected referral-based models to pull investors.

The EFCC is moving with Interpol and our planetary improvement agencies to guarantee the operators are brought to book. Photo recognition - @cbex_official
Source: Getty Images

It further advised Nigerians to ever cheque whether an concern institution is registered by visiting the SEC's authoritative portal astatine www.sec.gov.ng/cmos earlier engaging successful immoderate transactions.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) has assured that CBEX investors volition get their wealth backmost arsenic it is already working with Interpol and our planetary improvement agencies to guarantee that the operators are brought to book.

FG bans unregistered online Forex platforms, others

In related news, Legit.ng reported that President Bola Tinubu signed the Investments and Securities Act 2025 into law, introducing respective reforms.

In 1 of these reforms, unregistered online overseas speech (forex) trading platforms and different online exchanges person been declared illegal.

This is simply a determination aimed astatine protecting Nigerian investors successful the online abstraction and curbing marketplace abuses.

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Source: Legit.ng