SEC Denies Approving CBEX, Warns Against Investment Fraud

By Muhammad Baqir

The Securities and Exchange Commission (SEC) has disowned Crypto Bridge Exchange (CBEX), stating it was never licensed to operate in Nigeria.

The platform—also trading as ST Technologies International Ltd and Smart Treasure/Super Technology—reportedly lured investors with false promises of high returns before shutting down and blocking withdrawals.

In an April 17, 2025 circular, the SEC confirmed CBEX is unregistered and warned against its operations. The commission is now working with law enforcement to take action under Section 196 of the Investments and Securities Act 2025.

SEC Director General Dr. Emomotimi Agama said the new law strengthens crackdowns on illegal schemes.”We support innovation, but it must be regulated to protect investors,” he said, referencing past cases like Fahmzi Interbiz, whose operators were jailed for fraud.

Meanwhile, the House of Representatives warned celebrities and influencers against promoting unregistered investments.

Spokesman Akin Rotimi said promoters could face liability, noting CBEX’s collapse may have cost Nigerians over N1.3 trillion.

The SEC advised the public to verify firms on its portal: (http://www.sec.gov.ng/cmos)