crypto.news 2025-06-11 19:40:00

Nigerian government issues fresh warning against CBEX Crypto exchange

The Nigerian Securities and Exchange Commission has issued a renewed warning against Crypto Bridge Exchange. The exchange, also known as ST Technologies International Ltd, Smart Treasure, or Super Technology, has reportedly resumed operations across the country despite lacking regulatory approval. According to the Nigerian SEC , CBEX has been soliciting payments from users seeking to withdraw funds from the platform. Specifically, the exchange is demanding $200 from users with balances exceeding $1,000 and $100 from those with lower amounts before withdrawals can be processed. The Commission stated that such activities are unauthorized and violate Nigeria’s Investments and Securities Act 2025. In its official advisory released Wednesday, the SEC reaffirmed that CBEX and its affiliated entities are not registered to operate in the Nigerian capital market. The Commission also revealed that enforcement actions had already been initiated against the company and its promoters due to their previous unapproved investment schemes. “The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” the SEC stated. You might also like: Watch out for these crypto stocks outperforming your Bitcoin and altcoin bags CBEX’s fraudulent past Earlier this year, Nigerians looted the office of the exchange after users discovered their account balances had dropped to zero following a suspension of withdrawals in April. CBEX had blamed a “security breach” and promised refunds, but instead closed its Telegram groups and allegedly wiped user funds. Videos showed devastated investors, some of whom claimed to have lost life savings, including one user who reported losing 8.7 million naira. The regulator is now working with relevant law enforcement agencies to investigate CBEX’s operations and pursue further legal action aimed at safeguarding investors and the broader financial system.