CBEX is back in Nigeria as investors money show in their account but no withdrawal yet
The Securities and Exchange Commission (SEC) has issued a fresh warning to the Nigerian public against engaging with Crypto Bridge Exchange (CBEX) or any entity operating under ST Technologies International Ltd, also known as Smart Treasure or Super Technology.
The warning comes in response to reports that CBEX has resumed operations across Nigeria, demanding withdrawal fees from its previous subscribers, $200 from users with account balances above $1,000 and $100 from those with lower balances, before granting access to funds.
SEC, in a statement released on Wednesday, emphasized that CBEX is not a registered capital market operator, and any investment solicitation or activity by the entity is in clear violation of the Investments and Securities Act, 2025
“The Commission hereby restates unequivocally that neither CBEX nor ST Technologies International Ltd (Smart Treasure/Super Technology) is registered with the Commission or authorized to offer investment-related services to the Nigerian public,” the statement read.
Ongoing enforcement and investigations
SEC further disclosed that enforcement action has already been initiated against CBEX and its promoters following previous unauthorized investment activities.
It added that the Commission is working closely with relevant law enforcement agencies to conduct a thorough investigation and will take appropriate legal action in line with regulatory provisions.
The Commission advised Nigerians not to patronize or transact with CBEX or any entity operating under the names ST Technologies International Ltd, Smart Treasure, or Super Technology.
“Investors risk losing their funds,” SEC warned, stressing the importance of confirming the registration status of any investment platform before committing funds.
According to SEC, investors can verify the legitimacy of any investment company or platform via the Commission’s official portal: www.sec.gov.ng/cmos.
The SEC reiterated its commitment to protecting investors, ensuring market integrity, and cracking down on unregistered entities that prey on unsuspecting members of the public.
CBEX, a Ponzi scheme parading as a digital investment platform, had disappeared in April as all investors’ funds vanished from their dashboards.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost their money after it collapsed on April 14, 2025.
The SEC had declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.
The platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
Meanwhile, with the coming into force of the Investments and Securities Act (ISA 2025) recently signed by President Bola Tinubu, the SEC said it is now empowered to prosecute promoters of Ponzi schemes across the country.
According to the Director General of the SEC, Emomotimi Agama, with the new law, operators of Ponzi schemes in Nigeria now face a 10-year jail term and a N40 million penalty if caught.
