SEC Reaffirms Ban on Crypto Bridge Exchange (CBEX) in Nigeria, Warns Nigerians Against Transactions

The Securities and Exchange Commission (SEC) has reaffirmed that Crypto Bridge Exchange (CBEX), operating under ST Technologies International Ltd (also known as Smart Treasure or Super Technology), remains prohibited from operating in Nigeria.

A public notice issued on Wednesday, stated that SEC cautioned Nigerians against engaging in any investment activities with CBEX, emphasizing that the platform is not registered to conduct business in the country.

The Commission stated, “The attention of the SEC has been drawn to reports suggesting that CBEX has resumed operations in Nigeria.

The platform’s promoters are allegedly demanding fees—$200 from users with balances above $1,000 and $100 from those with less—before processing withdrawals.”

The SEC clearly declared that neither CBEX nor its parent company, ST Technologies International Ltd, is authorized to offer investment services in Nigeria, labeling their continued operations as illegal.

The Commission revealed that enforcement actions had previously been taken against CBEX and its promoters due to their unauthorized activities. It is now collaborating with law enforcement agencies to investigate the platform further and take necessary measures under the Investments and Securities Act 2025.

The SEC issued a strong warning, advising the public: “Nigerians should avoid transacting with CBEX or its affiliated entities, as they risk losing their funds.”

The Commission also urged investors to verify the registration status of any investment platform via the SEC’s official website before committing funds. It reiterated its commitment to safeguarding investors and ensuring market integrity