TheNewsGuru

Tag: CBEX

  • How N10m I invested, vanished – Taye Currency shares bitter experience with CBEX

    How N10m I invested, vanished – Taye Currency shares bitter experience with CBEX

    Ibadan-based Fuji musician Taye Adebisi, popularly known as Taye Currency, has shared his painful experience of losing N10 million  to a failed Ponzi scheme known as Crypto Bridge Exchange (CBEX).

    The 50-year-old in a viral video captured during a live performance, narrated how he and several members of his crew were lured into the investment by close associates who assured him of high returns.

    He narrated that the success stories of his band members, especially one Lateef who allegedly turned N200,000 into N600,000, convinced him to invest.

    Taye added that Lateef claimed to have made quick returns from the platform, made him committed N10 million he had saved with an insurance company into the scheme — only for the funds to disappear without a trace.

    Visibly upset, Taye Currency expressed anger toward those who introduced him to the platform and warned them of serious consequences.

    He said in songs: “You will hear how CBEX took away over N20 million from me and people close to me.

    “On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected some money and also introduced Alaba and one other brother to it. Alaba even used N1.2 million he stole from the stage to invest. Brother Muca also put in his work fee—N500,000. Lateef invested N1.4 million.”

    “Lateef said he used N200k to collect N600k. That was what pushed me. I withdrew the money I had saved with insurance, N10m and invested it on April 1, but everything vanished. If they die well, they won’t rest well.”

    CBEX reportedly promised investors double their returns within 30 days. However, the platform crashed, by April 2025 leaving an estimated 300,000 Nigerians with losses amounting to over N1.3 trillion.

    The Securities and Exchange Commission (SEC) has since clarified that CBEX was never registered with the commission.

  • New details on CBEX operations in Nigeria emerge [READ]

    New details on CBEX operations in Nigeria emerge [READ]

    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.

  • CBEX: Investigations ongoing, promoters will not go scot-free – SEC

    CBEX: Investigations ongoing, promoters will not go scot-free – SEC

    The Securities and Exchange Commission (SEC) has 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.

    “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 through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.

    Agama noted that the commission was launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.

    He said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.

    He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.

    Agama said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.

    “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,” he said.

    He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.

    He said, “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”

    He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.

    According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.