The Nigerian Securities and Exchange Commission (SEC) has issued a renewed warning to the public against engaging with Crypto Bridge Exchange (CBEX), a digital asset platform allegedly operating without regulatory approval.

In an official statement, the SEC emphasized that CBEX is not registered or licensed by the Commission, making its activities illegal under Nigerian law.

The warning is part of the regulator’s ongoing efforts to protect investors from fraudulent or unregulated entities operating in the cryptocurrency space.

Nigeria’s SEC Warns: CBEX Users Operate at Their Own Risk

The SEC stated that any individuals or entities who continue to deal with CBEX do so at their own risk, as the Commission will not be held liable for losses incurred through such platforms.

This is not the first time CBEX has drawn regulatory scrutiny; the exchange had previously been flagged for similar compliance issues.

Nigeria’s SEC has been ramping up enforcement actions and public advisories amid a growing interest in cryptocurrencies across the country.

While the government is working on creating a regulatory framework for digital assets, it remains cautious about platforms that operate outside the bounds of current laws.

The renewed warning underscores the SEC’s commitment to safeguarding market integrity and protecting investors in Nigeria’s evolving financial landscape.

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Nigerian SEC Flags CBEX for Operating Illegally Under Multiple Aliases

The Nigerian SEC has raised concerns over Crypto Bridge Exchange (CBEX), also operating as ST Technologies International Ltd, Smart Treasure, or Super Technology, for resuming operations without regulatory approval.

Despite earlier warnings, the exchange is reportedly active again across Nigeria. According to the SEC, CBEX has been requesting additional payments from users trying to withdraw their funds.

The platform is allegedly demanding $200 from users with balances above $1,000 and $100 from those with smaller balances before processing withdrawals.

These actions have alarmed regulators, who view them as red flags for potential fraud.

The SEC has advised the public to steer clear of CBEX, warning that investors risk significant financial losses when engaging with unregistered platforms.

CBEX Users Discover Zero Balances After April Withdrawal Ban

Chaos broke out earlier this year when Nigerian consumers saw that, after a withdrawal prohibition in April, their CBEX account balances had fallen to zero.

When irate investors stormed the exchange’s office demanding answers, the situation became more heated. After claiming a “security breach” and promising refunds to subscribers, CBEX quickly closed its Telegram channels and purportedly deleted user cash.

One of the distressed people in the viral footage claimed to have lost 8.7 million naira, which is his whole life savings.

In response, the Nigerian SEC has started working with law enforcement to look into the actions of CBEX.

The regulator wants to take legal action in the face of an increase in fraud cases involving cryptocurrency in order to safeguard investors and bolster confidence in the country’s financial system.

Also Read: Nigeria’s Fraudulent Crypto Platform CBEX Faces Scrutiny Over Dubious New Withdrawal Strategy