Avoid CBEX: SEC Cautions Nigerians

The Securities and Exchange Commission, SEC, has again cautioned Nigerians against patronising ponzi schemes such as Crypto Bridge Exchange, CBEX and ST Technologies International Limited.

SEC in a statement notes that neither CBEX nor ST Technologies International Ltd is registered with the Commission or authorized to offer investment related services to the public.

The Commission, says the warning is necessary following the media reports indicating that CBEX operating under the corporate identity of ST Technologies International Ltd, 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.

SEC explains that enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities and that 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.

While reiterating its commitment to protecting investors and maintaining market integrity, SEC advised the public to VERIFY the registration status of Investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting.

PR/Umbwanko Baba