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SEC Denies Registering Collapsed Crypto Bridge Exchange ( CIBEX )

ovanews 3 months ago 2 min read
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Securities and Exchange Commission (SEC) has said that Crypto Bridge Exchange, also known as CBEX, was never granted registration to operate as a Digital Assets Exchange in Nigeria.

In a circular, dated April 17, 2025, the commission responded to recent media reports about CBEX’s activities, stating that the entity, which also traded under names, such as ST Technologies International Ltd and Smart Treasure/Super Technology, had falsely presented itself as a digital asset trading platform offering high returns to Nigerian investors.

The SEC stated unequivocally that CBEX and its affiliates were not registered to operate within the Nigerian capital market or solicit investments from the public. Preliminary investigations by the commission revealed that the entity engaged in misleading promotional activities to create a false sense of legitimacy.

CBEX has since failed to honour withdrawal requests from investors and has shut down its physical offices, leaving many victims in distress.

Citing Section 196 of the Investments and Securities Act 2025, the SEC announced plans to work with relevant law enforcement agencies to pursue enforcement actions against CBEX, its affiliates and their promoters.

The commission also issued a public advisory, urging Nigerians to avoid investment platforms offering implausible returns or using recruitment-based schemes. It stressed the importance of verifying the registration status of such platforms on the SEC’s official portal at www.sec.gov.ng/cmos before committing funds.

SEC Director General, Dr Emomotimi Agama, affirmed that the commission was implementing a more aggressive and coordinated approach to crack down on unregistered and illegal investment schemes, often referred to as Ponzi schemes.

According to him, the new Investments and Securities Act, 2025, has significantly strengthened the SEC’s authority to prosecute such fraudulent operations and close regulatory gaps, especially in digital and virtual asset sectors.

Agama reiterated that while the SEC supports financial innovation, it must occur within a properly regulated framework that prioritises investor protection and preserves market integrity.

He highlighted the commission’s past efforts under the repealed Act to shut down similar Ponzi operations, such as Fahmzi Interbiz, whose promoters were jailed for defrauding investors.

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