CBEX Not Legally Registered Says SEC
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has clarified that Crypto Bridge Exchange (CBEX), also known as ST Technologies International Ltd or Smart Treasure/Super Technology, has never been registered by the Commission to operate as a Digital Assets Exchange in Nigeria.
This was disclosed in a circular dated April 17, 2025, the SEC noted that CBEX has presented itself as a digital asset trading platform, promising high returns to Nigerian investors, but neither CBEX nor its affiliates have received authorization to operate, solicit investments, or perform any capital market functions in the country.
The commission on conducting initial investigation, uncovered that CBEX carried out promotional campaigns designed to give a misleading impression of legitimacy, aiming to lure unsuspecting members of the public into investing funds with the promise of unrealistically high guaranteed returns in a short period.
Dr. Emomotimi Agama, Director General of the SEC, recently announced that the Commission is intensifying its crackdown on unregistered and illegal investment schemes, commonly referred to as Ponzi schemes. With the new Investments and Securities Act 2025, the SEC now has greater authority to prosecute and impose tougher penalties on promoters of such fraudulent schemes, including shutting down their operations and seeking jail terms or hefty fines.
Agama, further explained that the newly enacted Investments and Securities Act(ISA) 2025 significantly strengthens the Commission’s regulatory powers, enabling it to prosecute Ponzi schemes, their promoters, and operators of illegal investment platforms like CBEX. He emphasized that the new law closes gaps in the regulation of virtual and digital assets, and ongoing investigations into CBEX will ensure that those responsible for the failed scheme are held accountable and will not escape justice.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” Agama said.
“The Commission uses this medium to remind the public to REFRAIN from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models. Prospective investors are advised to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
The Commission warned the public to avoid dealing with unregistered entities and emphasized that it will take enforcement action against CBEX and its promoters for operating illegally and misleading investors. It is also worthy to note that CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.
