Nigeria’s Securities and Exchange Commission reiterates the ban on CBEX and its affiliates, warning the public to avoid all investment dealings as the unregistered crypto platform resurfaces after defrauding investors of N1.3 trillion.
SEC Issues Fresh Warning as CBEX Resurfaces After Ponzi Collapse
Nigeria’s Securities and Exchange Commission (SEC) has reaffirmed that CBEX (Crypto Bridge Exchange), operating under the name ST Technologies International Ltd — also known as Smart Treasure or Super Technology — remains banned from offering any investment-related services in the country.
In a public notice released on Wednesday, the commission urged Nigerians to avoid engaging with the unregistered platform, warning that CBEX has no legal authority to operate in the country’s financial markets.
“The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria,” the notice stated.
The regulatory warning comes months after the collapse of the controversial scheme, which reportedly defrauded Nigerian investors of a staggering N1.3 trillion. The platform had earlier gone offline, leaving thousands of users without access to their funds.
Daily Trust reports that CBEX has re-emerged with new demands for withdrawals. According to the SEC’s notice, the promoters of the scheme are now requesting additional payments from subscribers before granting access to their existing funds.
“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed,” the statement continued.
The SEC stressed the illegality of the firm’s activities and reminded the public that CBEX has never been registered nor authorised to operate as a legitimate investment platform in Nigeria.
The commission stated “unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the public.”
The regulator’s renewed warning aims to shield unsuspecting investors from falling victim again to a scheme previously exposed as fraudulent. With CBEX resurfacing despite prior collapse, authorities are urging Nigerians to exercise vigilance and verify all financial platforms through official SEC channels before investing.
The notice serves as a stark reminder of the ongoing risks posed by unregulated crypto schemes in Nigeria’s evolving financial landscape.
