demanding<\/a> $200 from users with balances exceeding $1,000 and $100 from those with lower amounts before withdrawals can be processed.\u00a0<\/p>\nThe Commission stated that such activities are unauthorized and violate Nigeria\u2019s Investments and Securities Act 2025.<\/p>\n
In its official advisory released Wednesday, the SEC reaffirmed that CBEX and its affiliated entities are not registered to operate in the Nigerian capital market. The Commission also revealed that enforcement actions had already been initiated against the company and its promoters due to their previous unapproved investment schemes.<\/p>\n
\u201cThe Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,\u201d the SEC stated.<\/p>\n
<\/p>\n
CBEX\u2019s fraudulent past<\/h2>\n
Earlier this year, Nigerians looted the office of the exchange after users discovered their account balances had dropped to zero following a suspension of withdrawals in April.\u00a0<\/p>\n
CBEX had blamed a \u201csecurity breach\u201d and promised refunds, but instead closed its Telegram groups and allegedly wiped user funds. Videos showed devastated investors, some of whom claimed to have lost life savings, including one user who reported losing 8.7 million naira.\u00a0<\/p>\n
The regulator is now working with relevant law enforcement agencies to investigate CBEX\u2019s operations and pursue further legal action aimed at safeguarding investors and the broader financial system.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Securities and Exchange Commission has issued a renewed warning against Crypto Bridge Exchange. The exchange, also known as ST Technologies International Ltd, Smart Treasure, or Super Technology, has…<\/p>\n","protected":false},"author":1,"featured_media":2620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=2619"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2619\/revisions"}],"predecessor-version":[{"id":2621,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2619\/revisions\/2621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/2620"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=2619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=2619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=2619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}