The Securities and Exchange Commission (SEC) has declared that Crypto Bridge Exchange (CBEX) is not a registered digital assets exchange in Nigeria, warning the public to steer clear of the platform.
In a circular released on Thursday, the commission said CBEX, also known as ST Technologies International Ltd and Smart Treasure/Super Technology, has been operating illegally by soliciting investments from unsuspecting Nigerians while offering dubious and unrealistic returns.
“The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a digital assets exchange, solicit investments from the public, or perform any other function within the Nigerian capital market,” the statement read.
CBEX has come under scrutiny after promising investors a 100% Return on Investment (ROI) within 30 days, a hallmark of Ponzi-style schemes. Investigations reveal that the platform uses falsified withdrawal records to create a false sense of credibility while users struggle to retrieve their funds.
According to the SEC, CBEX engaged in unauthorised promotional activities, failed to honour withdrawal requests, and has since shut down its physical offices in the face of mounting complaints from investors.
Invoking Section 196 of the Investments and Securities Act 2025, the commission announced plans to collaborate with law enforcement agencies to take enforcement actions against CBEX, its affiliates, and promoters.
Director-General of SEC, Emomotimi Agama, stated that the commission is launching a more aggressive clampdown on Ponzi schemes and other unregistered digital investment platforms.
“Promoters of CBEX will not go scot-free. The new law gives the Commission the legal backing to protect investors and restore market confidence,” Agama said.
He reaffirmed SEC’s commitment to embracing innovation in financial services, but noted that all digital innovations must operate within a regulated framework that prioritizes investor protection and market integrity.
Meanwhile, the Federal Government has expressed sympathy for Nigerians who fell victim to CBEX, calling for collective national efforts to curb the rising menace of Ponzi schemes.
