Crypto Nightmare: Nigerians Tricked by CBEX as SEC Issues Fresh Warning

Nigerian Government Issues Fresh Warning Against CBEX Crypto Exchange

The Nigerian Securities and Exchange Commission (SEC) has issued a renewed warning to the public against using Crypto Bridge Exchange (CBEX) and its associated companies. According to the regulator, CBEX is operating illegally and engaging in unauthorized investment practices—putting Nigerians at serious risk of losing their money.

Who Is CBEX and Why Are They Under Scrutiny

Multiple Names, One Suspicious Entity

CBEX isn’t just one name. The platform is also known as:

ST Technologies International Ltd
Smart Treasure
Super Technology

Despite not being registered with Nigeria’s financial authorities, the exchange has resumed operations across the country and is actively soliciting money from users trying to withdraw funds.

Suspicious Withdrawal Demands Raise Red Flags

One of the most alarming practices flagged by the SEC is CBEX’s demand for withdrawal fees:

Users with balances over $1,000 are asked to pay $200
Users with smaller balances must pay $100

This fee is required before users can withdraw their own funds—a move the SEC has declared illegal and unethical under Nigeria’s Investments and Securities Act, 2025.

Official Statement from the Nigerian SEC

In a public advisory released Wednesday, the SEC emphasized that CBEX and all its linked entities are not authorized to operate in the Nigerian capital market.

“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.

Legal Action Already Underway

This is not the first time CBEX has run into trouble with Nigerian regulators.

The SEC confirmed it had already begun enforcement actions against the company and its promoters for their past illegal investment schemes. Now, it is also coordinating with law enforcement agencies to pursue further investigations and possible criminal charges.

CBEX’s History of Deception

Timeline of Events

April 2025: CBEX suspended withdrawals, claiming a security breach.
Shortly after: User account balances suddenly dropped to zero.
CBEX promised refunds but then disappeared—shutting down Telegram groups and cutting off communication.
Videos surfaced showing heartbroken investors outside CBEX offices.

One devastated user reported losing a staggering 8.7 million naira, while others said they had invested their entire life savings.

Public Outrage

Angry investors stormed and looted the CBEX office, demanding justice and access to their locked funds. Many are still waiting, with no refunds or updates from the platform.

Why You Should Avoid CBEX at All Costs

5 Reasons to Stay Away from CBEX

No Regulatory Approval: CBEX is not licensed to operate in Nigeria.
Illegal Fees: Charging withdrawal fees upfront is a scam tactic.
Track Record of Fraud: Users lost millions after “security breach” claims.
Fake Rebranding: Same operators, different names (Smart Treasure, Super Technology).
Ongoing Investigations: Legal trouble is mounting—your money isn’t safe.

What You Should Do Instead

How to Stay Safe in the Crypto Space

Check for registration: Only use exchanges approved by the Nigerian SEC or CBN.
Avoid platforms that demand fees for withdrawals. Legitimate exchanges don’t do this.
Research user reviews and news before investing.
Report suspicious platforms to authorities like the SEC, EFCC, or Police.
Use trusted wallets and exchanges with transparent operations.

Be Smart, Stay Informed

The CBEX saga is a harsh reminder of how vulnerable investors can be in an unregulated crypto market. While blockchain technology holds huge promise, bad actors continue to exploit the lack of oversight.

If you’ve been affected by CBEX or know someone who has, report it immediately to the Nigerian SEC. Protect yourself and your money by avoiding shady platforms and staying updated on official government advisories.

The Nigerian government is cracking down, but your best defense is knowledge.

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