CBEX remains banned in Nigeria, says SEC

CBEX remains banned in Nigeria, says SEC

The Securities and Exchange Commission (SEC) has insisted that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remains banned in Nigeria as it has not been registered by the Commission.

The SEC, in a public notice issued on Wednesday, advised the public to refrain from patronising or transacting any investment-related business with CBEX.

The notice read: “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

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“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed.”

The SEC stated “unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the Commission or authorized to offer investment-related services to the Nigerian public.

“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities, and the Commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

“The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX /ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds.”

The SEC advised the public to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting any business, adding that it remains committed to protecting investors and maintaining market integrity.

CBEX remains banned in Nigeria, says SEC