SEC warns Nigerians against CBEX operations

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The Securities and Exchange Commission (SEC) has reiterated that Crypto Bridge Exchange (CBEX), operating under ST Technologies International Ltd, remains banned from operating in Nigeria. In a public notice, the commission warned Nigerians to refrain from engaging with CBEX, citing its unauthorized operations.

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The SEC noted that CBEX promoters are demanding payments from subscribers before allowing withdrawals, saying, “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.”

The commission “unequivocally” stated that neither CBEX nor ST Technologies International Ltd is authorized to provide investment services, warning that their operations are illegal. “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX has resumed operations across Nigeria,” the SEC said

The SEC has initiated enforcement action against CBEX and its promoters, collaborating with law enforcement agencies to investigate the platform. “The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” the commission warned.

The SEC urged Nigerians to verify the registration status of investment platforms through its official website, affirming its commitment to protecting investors and maintaining market integrity

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