Reps Warn as SEC Denies CBEX Registration, Vows Crackdown on Fraudsters

The Securities and Exchange Commission (SEC) has declared that Crypto Bridge Exchange (CBEX) was never registered to operate as a digital assets exchange in Nigeria. The commission, in a circular dated April 17, 2025 said CBEX and its affiliates, trading under names such as ST Technologies International Ltd and Smart Treasure/Super Technology misrepresented themselves as licensed platforms. Preliminary investigations revealed that CBEX engaged in deceptive promotions, failed to honour investor’s withdrawal requests and closed its offices. Quoting Section 196 of the Investments and Securities Act 2025, SEC vowed to collaborate with law enforcement to prosecute those involved. SEC Director General, Dr. Emomotimi Agama emphasized the commission’s determination to combating unregistered investment schemes while supporting innovation within regulated boundaries. In the meantime, the House of Representatives warned celebrities and influencers against endorsing unregistered platforms—cautioning of possible liability under the new Act. Lawmakers raised concern over the collapse of CBEX which allegedly trapped over N1.3 trillion of investor’s funds across Nigeria.