CBEX
CBEX Resumes Operations Amid EFCC Probe, Offers Partial Withdrawals for Trapped Investors
Despite ongoing investigations by Nigerian regulators, the controversial digital trading platform CBEX has quietly resumed operations, allowing new users to register, trade, and withdraw profits, according to traders familiar with the matter.
Sources confirmed that while fresh investors can freely access funds, existing users—many locked out since the platform’s April collapse—must wait until June 25 for partial withdrawals as a UK-based insurance firm audits the company’s finances. The probe aims to verify losses initially estimated at ₦1.2 trillion but disputed by CBEX, which claims only ₦126 billion is unaccounted for.
The reopening defies warnings from the Securities and Exchange Commission (SEC), which had declared CBEX illegal, and comes as the Economic and Financial Crimes Commission (EFCC) intensifies its crackdown. Eight promoters remain wanted, while platform leader Adefowora Abiodun recently surrendered for questioning.
Existing users must inject fresh funds ($100–$200) to reactivate frozen accounts but can only withdraw 50% of their capital starting June 25, with full access delayed until August. Meanwhile, new accounts operate without restrictions, fueling skepticism among defrauded investors.
CBEX, which promised 100% monthly returns via AI trading, faces allegations of operating a Ponzi scheme. Administrators blame the April crash on a cyberattack manipulating its AI system, a claim under investigation by UK authorities.
The anti-graft agency has escalated efforts, declaring foreign national Elie Bitar wanted for alleged ties to the platform’s parent firm, Crypto Bridge Exchange.
As regulators scramble for accountability, the platform’s Telegram groups buzz with mixed updates—some users report compensation, while others dismiss the revival as another ruse. With Nigeria’s SEC and EFCC yet to comment on the latest developments, thousands of trapped investors brace for an uncertain recovery.
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