The Securities and Exchange Commission (SEC) has reaffirmed its ban on Crypto Bridge Exchange (CBEX) and its parent company, ST Technologies International Ltd, warning the public against engaging in any investment activities with the entity.
In a public notice issued on Wednesday, the Commission said it had received fresh reports that CBEX had resumed operations in Nigeria, despite being previously declared illegal. SEC warned that the platform is not registered to operate or offer investment services in Nigeria under any of its known aliases, including Smart Treasure and Super Technology.
The notice stated: “CBEX promoters are demanding $200 from subscribers with account balances above $1,000 and $100 from those with less than $1,000 balances before withdrawals can be processed.” SEC described this as a clear red flag and urged the public to steer clear of such schemes.
“The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX has resumed operations across Nigeria,” the Commission noted, adding that both CBEX and ST Technologies International Ltd remain unauthorised and illegal operators under Nigerian law.
The SEC said it had already initiated enforcement actions against the platform and its promoters for earlier violations of the Investments and Securities Act. It added that it is working closely with relevant law enforcement agencies to investigate the scheme thoroughly and take decisive action.
“In line with the Investments and Securities Act 2025, CBEX and its promoters are operating outside the regulatory framework. They are not registered and are engaging in illegal investment solicitation,” the notice read.
The Commission reiterated that it is committed to protecting investors, especially in the face of the increasing rise in unregistered digital asset and investment platforms across Nigeria. It reminded the public that any financial platform or service not registered with the SEC is operating illegally and poses a serious risk to investors’ funds.
SEC advised the public to always verify the registration status of any investment platform via the Commission’s official website before making financial commitments.
This latest warning follows a series of crackdowns by the SEC on unlicensed investment and crypto schemes, many of which have taken advantage of unsuspecting Nigerians amid the country’s harsh economic climate.
Nigerians have been victims of various fraudulent investment platforms in recent years, prompting regulators to issue multiple warnings and increase surveillance of online platforms claiming to offer high-yield investment opportunities.
The Commission also emphasized that digital asset operators, including those dealing in cryptocurrency and blockchain-based investment services, must register and comply with regulatory guidelines before offering services to Nigerians.
