Nigeria’s government warns the public against using CBEX, a crypto exchange flagged for unauthorized operations and potential investor risk
The Nigerian Securities and Exchange Commission has issued a new warning regarding Crypto Bridge Exchange.
Despite the absence of regulatory sanction, the exchange, which is also known as ST Technologies International Ltd, Smart Treasure, or Super Technology, has reportedly resumed operations throughout the nation.
CBEX has been soliciting payments from users who wish to withdraw funds from the platform, according to the Nigerian Securities and Exchange Commission (SEC).
In particular, the exchange requires $200 from users with balances that exceed $1,000 and $100 from those with lower amounts before withdrawals can be processed.
According to the Commission, these activities are unauthorized and in violation of Nigeria’s Investments and Securities Act 2025.
The SEC reiterated in its official advisory, which was published on Wednesday, that CBEX and its affiliated entities are not registered to operate in the Nigerian capital market. The Commission also disclosed that enforcement actions had been initiated against the company and its promoters due to their previous unapproved investment schemes.
The SEC advised the Nigerian public to avoid patronizing or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) to prevent the loss of their funds.
The Fraudulent History of CBEX
The exchange’s office was plundered by Nigerians earlier this year after users discovered their account balances had decreased to zero due to a withdrawal suspension in April.
CBEX had initially attributed the closure of its Telegram groups to a “security breach” and had pledged to issue refunds. However, it is alleged that user funds were subsequently erased. Dep-devastated investors were depicted in videos, with some claiming to have lost their life assets. One user reported losing 8.7 million naira.
The regulator is currently collaborating with pertinent law enforcement agencies to investigate CBEX’s operations and pursue additional legal action to protect investors and the broader financial system.
