Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against Crypto Bridge Exchange (CBEX), declaring it operates illegally without regulatory licensing.
The commission alerted investors that CBEX—also registered as ST Technologies International Ltd—has been illegally soliciting withdrawal fees of $200 for balances exceeding $1,000 and $100 for smaller withdrawals. Such demands violate Section 67(1) of Nigeria’s Investments and Securities Act 2025.
Significant investor losses occurred earlier this year when CBEX suspended user withdrawals, citing a purported security breach. The suspension triggered public outcry amid doubts about the exchange’s legitimacy.
The SEC confirmed ongoing collaboration with law enforcement agencies to investigate CBEX’s operations and enforce financial regulations. Investors are urged to verify crypto platforms’ registration status via SEC channels before transactions to mitigate risks.