Cryptocurrency: SEC Reaffirms Ban on CBEX in Nigeria
The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria.
The SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technology, had not been registered by the Commission.
The Commission, however, advised the public to refrain from patronising or transacting any investment-related business with CBEX.
The notice read:
“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.
“According to the reports, CBEX promoters are demanding $200 from subscribers with balances above $1,000, and $100 from those with balances below $1,000, before withdrawals can be processed.
“Unequivocally, 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 Nigerian public.
“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following their previous unauthorised investment activities.
“The Commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act, 2025.
“The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX/ST Technologies International Ltd. (Smart Treasure or Super Technology), as they risk losing their funds.”
The SEC advised the public to verify the registration status of investment platforms through the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting. It added that the SEC remains committed to protecting investors and maintaining market integrity.
