The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public, reaffirming that CBEX (Crypto Bridge Exchange), operating under m ST Technologies International Ltd, also known by aliases such as Smart Treasure and Super Technology, remains banned from conducting any form of investment or financial services in Nigeria.
In a release, the SEC addressed recent media reports, which suggest that CBEX has resumed operations across the country, despite prior regulatory action.
According to the reports, the operators of CBEX are allegedly demanding payment from investors before processing withdrawal requests, with subscribers reportedly asked to pay $200 if they hold balances exceeding $1,000, and $100 for those with less than $1,000.
The withdrawal conditions, described as exploitative and unauthorised, have raised red flags within the regulatory community and among financial watchdogs.
The SEC responded with a categorical declaration that CBEX and its associated corporate entities were neither registered nor authorised by the commission to operate in Nigeria’s capital market or engage in investment-related activities.
The absence of registration, according to the SEC, renders all investment solicitations and financial transactions by CBEX illegal and potentially fraudulent under Nigerian law.
The commission disclosed that enforcement actions had previously been taken against CBEX due to its unauthorised activities, and that ongoing investigations are being conducted in collaboration with relevant law enforcement agencies.
The investigations aim to uncover the full extent of the entity’s operations and protect the public from further financial harm.
The SEC assured that it will take all necessary legal measures in line with the Investments and Securities Act of 2025 to hold the promoters accountable and safeguard market integrity.
The apex capital market regulator urged Nigerians, especially prospective and existing investors, to immediately desist from engaging with CBEX or any of its affiliated brands.
The commission emphasised the high risk of financial loss, reputational damage, and legal exposure that could arise from patronising unregistered investment firms.
It warned that any transactions with such platforms are made at the sole risk of the individual, as they fall outside the scope of investor protection under Nigerian law.
The SEC also underscored its broader mission of ensuring transparency, compliance, and investor protection within the Nigerian capital market.
The commission advised investors to always conduct due diligence before engaging with any investment provider. A key step in this process, it noted, is the verification of the registration status of firms through the SEC’s dedicated capital market operator portal.
This portal allows members of the public to confirm whether a company is duly licensed and regulated, providing a first line of defence against fraud.
Highlighting its proactive stance, the SEC reaffirmed its commitment to maintaining the integrity of the Nigerian financial system.
It stressed that the continued proliferation of unregistered crypto and digital finance platforms poses a significant threat to market stability and investor confidence.
As such, the commission will continue to collaborate with domestic and international agencies to identify, investigate, and take decisive action against any entity that undermines the regulatory framework or exposes the public to undue risk.
In addition, the SEC also called on all stakeholders, including financial institutions, fintech platforms, media houses, and the general public to work together in promoting a culture of informed investing and regulatory compliance.
