Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning in response to widespread media reports concerning the operations of CBEX (Crypto Bridge Exchange), a platform now under intense scrutiny for alleged fraudulent activity.
CBEX, which operated under the corporate identities of ST Technologies International Limited and Smart Treasure (also known as Super Technology), presented itself as a digital asset trading platform, promising substantial returns to Nigerian investors. The SEC has now clarified that CBEX, along with all its known affiliates, has never received authorisation to operate as a Digital Assets Exchange or to solicit investments from the Nigerian public.
In a formal statement, the Commission stated, “CBEX is not and has never been registered by the SEC. It has no legal standing to function within the Nigerian capital market.”
The platform launched operations in Nigeria in July 2024 and swiftly gained traction by promising investors a 100 percent return within 30 days. Users were encouraged to bring in others through a referral system, offering bonus incentives and layered rewards based on the growth of their network — a model now widely viewed as a classic Ponzi scheme structure.
The fallout came swiftly last week when CBEX allegedly defaulted on withdrawal requests and abruptly shuttered its physical locations, including a prominent affiliate office, Smart Treasure, in the Oke Ado area of Ibadan, Oyo State. The office was reportedly looted by enraged individuals who had lost access to their funds.
Preliminary findings by the SEC indicate that CBEX used aggressive marketing tactics and public engagement efforts to create a false sense of legitimacy.
“The platform misled the public by offering guaranteed returns that were not only unrealistic but fundamentally unsustainable,” the Commission explained. “Such operations prey on the hopes of everyday Nigerians and undermine the integrity of the capital market.”
The SEC has invoked Section 196 of the Investments and Securities Act 2025 to initiate enforcement proceedings in cooperation with relevant law enforcement bodies. The Commission said it is determined to pursue action against CBEX, its affiliated entities, and the individuals behind them.
The Economic and Financial Crimes Commission (EFCC) has also stepped in, assuring affected users that steps are being taken to trace and recover stolen funds. The EFCC disclosed that it had been monitoring CBEX’s activities even before the recent surge in public complaints.
CBEX now joins a long and painful lineage of failed investment schemes in Nigeria, including the infamous MMM crash of 2016–2017 that impacted over three million Nigerians, as well as others like Twinkas, Ultimate Cycler, Zar Fund, Givers Forum, iCharity, and Get Help Worldwide.
The SEC has urged Nigerians to steer clear of platforms that promise unreasonably high returns and to always confirm the regulatory status of any investment vehicle through the Commission’s official verification channels.