Ponzi: SEC Insists CBEX Remains Banned in Nigeria, Warns Investors

Ndubuisi Francis in Abuja

The Securities and Exchange Commission (SEC) warned investors that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remained banned in Nigeria, insisting that it is not registered by the commission.

SEC’s position followed reports that traders on the controversial CBEX platform were now back and able to access their accounts and trade, with renewed assurance after the digital platform abruptly shut down in April.

The shutdown had resulted in the trapping of investors’ funds in excess of N1 trillion.

In a public notice issued on Wednesday, SEC advised the public to refrain from patronising or transacting any investment-related business with CBEX.

However, the commission was silent on what steps it would take against the trading platform and its promoters, having earlier declared that CBEX was not registered or authorised by it to embark on or offer investment-related services to the Nigerian public.

The notice read, “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1000 balances before withdrawals can be processed.”

The commission stated “unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the Nigerian public.

“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorised investment activities and the commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

“The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX/ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds.”

SEC advised the public to verify the registration status of Investment platforms via the commission’s dedicated portal before transacting, adding that it remains committed to protecting investors and maintaining market integrity.