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Nigerian SEC Issues Warning Against Crypto Bridge Exchange

The Nigerian Securities and Exchange Commission (SEC) has issued a renewed warning regarding the operations of Crypto Bridge Exchange (CBEX), also known as ST Technologies International Ltd, Smart Treasure, or Super Technology. The exchange has reportedly resumed activities across Nigeria despite lacking the necessary regulatory approval to operate.

Unapproved Withdrawal Fees Spark Concerns

According to the Nigerian SEC, CBEX has been soliciting payments from users attempting 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 processing withdrawals. These practices have been deemed unauthorized and in violation of Nigeria’s Investments and Securities Act 2025.

In an official advisory released this week, the SEC emphasized that CBEX and its affiliated entities are not registered to operate in the Nigerian capital market. The Commission also noted that enforcement actions have already been initiated against the company and its promoters due to their history of unapproved investment schemes.

“The Nigerian public is accordingly advised to refrain from patronizing or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” the SEC stated.

CBEX’s Fraudulent History

CBEX’s questionable practices are not new. Earlier this year, the platform faced backlash after users discovered their account balances had been wiped clean, coinciding with a suspension of withdrawals in April. This led to widespread frustration, culminating in Nigerians looting the exchange’s office in protest.

The company initially blamed a “security breach” for the incident and promised refunds. However, CBEX later closed its Telegram groups, effectively cutting off communication, and allegedly erased user funds. Devastated investors reported significant losses, with one individual claiming to have lost 8.7 million naira, while others described losing their life savings.

Regulatory and Legal Measures

The Nigerian SEC has reiterated its commitment to protecting investors and maintaining the integrity of the financial system. The regulator is actively collaborating with law enforcement agencies to investigate CBEX’s operations and pursue further legal action against the company and its promoters. These measures aim to safeguard the interests of the investing public and prevent similar fraudulent schemes.

Investors are encouraged to exercise caution and only engage with platforms that are fully registered and compliant with local regulations. Staying informed about regulatory advisories can help mitigate risks in the rapidly evolving cryptocurrency landscape.

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