The Securities and Exchange Commission (SEC) has announced that Crypto Bridge Exchange (CBEX) is not authorized to function as a digital assets exchange in Nigeria.
The SEC in a notice issued on Thursday, April 17, indicated that CBEX, which operates under several names including ST Technologies International Ltd and Smart Treasure/Super Technology, has been involved in unauthorized investment solicitation, promising unrealistically high returns to unsuspecting investors in Nigeria.
The commission further cautioned the public against engaging in transactions with this platform.
“The Commission wishes to clarify that neither CBEX nor any of its affiliates have ever received registration from the Commission to operate as a digital assets exchange, solicit public investments, or engage in any other activities within the Nigerian capital market,” SEC stated.
TheNewsGuru reports that SEC had previously stated that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a digital assets exchange in Nigeria.
Dr Emomotimi Agama, Director-General of the SEC, said this in a statement on Sunday, while urging the public to cease all dealings with the platform.
The warning follows recent reports of CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, soliciting investments with promises of high returns.
CBEX has failed to honour withdrawal requests from its subscribers and abruptly closed its physical offices amid mounting complaints.
Agama said, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.”
He said that preliminary investigations carried out by the commission had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy.
He noted that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
He 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 CBEX, its affiliates, and promoters.