The Securities and Exchange Commission (SEC) has issued a strong warning to the public, stating that Crypto Bridge Exchange (CBEX)—a firm allegedly involved in digital asset trading and promising unusually high returns—is not registered or authorized to operate in Nigeria’s capital market.
In an official circular released on April 17, the Commission clarified that neither CBEX nor any of its affiliated entities have ever received approval or registration from the SEC to function as a digital assets exchange or solicit investments from the public.
CBEX, which also goes by the names ST Technologies International Ltd, Smart Treasure, and Super Technology, has presented itself as a legitimate crypto investment platform. However, the SEC revealed that the company has been engaging in aggressive promotional campaigns aimed at luring unsuspecting Nigerians with the promise of unrealistically high returns on digital asset investments.
According to the SEC, its preliminary investigations show that CBEX’s marketing tactics were carefully designed to give a false impression of legitimacy. The company reportedly operated physical offices at first but has now shut them down, leaving many investors unable to access their funds. The Commission confirmed that numerous complaints have been received from individuals who invested in CBEX but were later denied withdrawal of their funds.
“The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a digital assets exchange, solicit investments from the public, or perform any other function within the Nigerian capital market,” the circular stated.
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Citing the new Investments and Securities Act (ISA) 2025, the SEC emphasized that it now has greater legal authority to prosecute illegal investment operations and take stricter action against Ponzi schemes and their promoters. In accordance with Section 196 of the ISA, the Commission says it is already working in collaboration with relevant law enforcement agencies to take appropriate enforcement action against CBEX and those behind the operation.
SEC Director General Dr. Emomotimi Agama further stressed that while the Commission welcomes financial innovation—especially in emerging fields such as cryptocurrency and digital assets—such activities must occur within the bounds of regulation to ensure public safety and investor protection.
“We support innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama stated. “We will not allow individuals or companies to exploit regulatory gaps to cheat the public.”
Dr. Agama also noted that under the repealed Investment Act, the SEC had already made significant efforts in tackling Ponzi schemes. Notable among these was the successful prosecution and jailing of some promoters, such as those behind Fahmzi Interbiz. With the updated law now in place, he assured Nigerians that the Commission has even more power to take swift and decisive action against fraudulent schemes.
The SEC urged Nigerians to remain vigilant and avoid platforms promising quick riches or high guaranteed returns. Prospective investors are advised to verify the legitimacy of any investment company via the SEC’s official portal: www.sec.gov.ng/cmos before making any financial commitments.
“The public is strongly advised not to fall prey to entities like CBEX,” the statement warned. “We are determined to rid the capital market of fraud and ensure that investors are protected at all times.”
This announcement comes at a time when digital financial platforms are on the rise, and regulatory bodies around the world are grappling with how to balance innovation with oversight. In Nigeria, the SEC is taking a firm stand to ensure that fraudulent operators do not jeopardize the country’s growing financial ecosystem.
The Commission reaffirmed its commitment to public safety and called for increased cooperation between regulators, law enforcement, and the general public to ensure that fraudulent schemes are quickly identified and eliminated.
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