Government in Nigeria issues new caution advisory directed at CBEX Crypto trading platform
Heads Up: Nigerian SEC Cracks Down on Crypto Bridge Exchange
The cat's out of the bag, folks! The Nigerian Securities and Exchange Commission (SEC) has slapped a fresh warning on Crypto Bridge Exchange (CBEX), also infamous as ST Technologies International Ltd, Smart Treasure, or Super Technology.
The bones of contention? The exchange allegedly resumed business across Nigerian territories without the necessary regulatory green light. Ouch!
According tothe SEC, CBEX has tricked users into coughing up a pretty penny just to get their hard-earned money. They're demanding $200 from bigwigs with account balances of over $1,000 and $100 from smaller fish. Not cool, CBEX. Not cool at all.
The SEC rightly calls this unauthorized, and it's a violation of Nigeria's Investments and Securities Act 2025. Strong words, SEC, but it's understandable.
On Wednesday, the SEC dropped a bombshell in the form of an advisory, confirming that CBEX and its pals are not even registered to operate in the Nigerian capital market. Yikes! On top of that, they've already got their enforcement teams hot on CBEX's trail due to those unapproved investment schemes they've pulled in the past.
So, what's the takeaway here? The SEC advises the public to steer clear of dealing with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology). Better safe than sorry, right?
Tales from CBEX's shady past
This ain't CBEX's first rodeo with controversy, folks. Earlier this year, Nigerians stormed CBEX's office when they discovered their account balances had vanished after a suspension of withdrawals in April.
CBEX attempted to shrug off the blame with a "security breach" yarn, promising to refund the missing loot. But the exchange had other plans, allegedly disappearing into the digital ether, leaving devastated fans in the dust.
Videos of ragged investors—some claiming to have lost their life savings—surfaced online, with some reporting the loss of a whopping 8.7 million naira. Tough break, mate.
The SEC is now teaming up with law enforcement agencies to delve deeper into CBEX's nefarious activities and take further legal action to safeguard investors and the overall financial system. Let's hope justice prevails!
- In spite of its shady past, Nigeria's Securities and Exchange Commission (SEC) has once again issued a warning against the Crypto Bridge Exchange (CBEX), highlighting unauthorized operations and unapproved investment schemes.
- Notably, CBEX has a history of alleged crime, including vanishing account balances and a reported refusal to refund the lost funds after a suspension of withdrawals.
- As a result, the SEC and law enforcement agencies are collaborating to investigate these activities and take legal actions to protect investors and the overall financial system.
- Apart from its operations in Nigeria, CBEX has been known by several names, such as ST Technologies International Ltd, Smart Treasure, or Super Technology, in the general-news and crypto landscape.
- Additionally, CBEX's recent practices seem to contravene the Investments and Securities Act 2025, and it's worth noting that this exchange is not registered to operate in the Nigerian capital market, as per a recent SEC advisory.
