Again, SEC warns Nigerians against CBEX, says platform still banThe Securities and Exchange Commission (SEC) of Nigeria has issued a public advisory against the activities of Crypto Bridge Exchange (CBEX), which is operated under the registered name ST Technologies International Ltd — also identified by aliases such as Smart Treasure and Super Technology.
This warning comes in the wake of reports indicating that the platform has resumed operations within Nigeria, allegedly demanding users to pay withdrawal charges between $100 and $200 before releasing their funds.
In a statement released on Wednesday, the SEC clarified that CBEX and its affiliated entities are neither registered nor authorised to offer any form of investment services in the country.
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The Commission underscored that the platform’s operations are in breach of the Investments and Securities Act 2025. It further disclosed that enforcement measures have already been set in motion against both the company and its backers.
“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 warned.
The regulatory body also noted that it is working in conjunction with relevant law enforcement authorities to probe the company’s dealings and pursue legal redress aimed at safeguarding investors and upholding the integrity of Nigeria’s financial markets.
This development highlights growing concerns about illicit activities in Nigeria’s expanding crypto sector, which continues to attract regulatory scrutiny. In recent years, regulators have intensified efforts to curb illegal financial operations involving digital currencies, following numerous complaints of fraud, money laundering, and unauthorized capital mobilisation.
Both the Central Bank of Nigeria (CBN) and the SEC have introduced various measures to rein in crypto-related activities, repeatedly stressing the need for compliance with national financial regulations and investor protection standards.
CBEX first came to the attention of authorities earlier this year after reports emerged alleging deceptive investment practices and a lack of transparency in its operations. Several users reported difficulties accessing their funds, triggering fears that the platform might be operating a fraudulent scheme.
The latest complaints allege that CBEX now requires users to pay “processing fees” — $200 for balances above $1,000 and $100 for lower amounts — before permitting withdrawals, adding to existing suspicions surrounding the company’s practices.
In its advisory, the SEC urged Nigerian investors to always confirm the regulatory status of any investment platform by checking the official list of registered capital market operators on its website at www.sec.gov.ng/cmos before engaging in transactions.
The Commission reiterated its commitment to ensuring accountability and transparency within Nigeria’s capital market, and to shielding investors from schemes that could result in financial loss.
Industry analysts see this move by the SEC as a continuation of its broader campaign to rid the investment space of illegal operators, especially amid the rise of unregulated digital financial services and crypto trading platforms.
As of the time of reporting, neither CBEX nor its parent entity, ST Technologies International Ltd, has released a statement responding to the SEC’s advisory.
The situation remains fluid, with regulatory authorities encouraging the public to remain vigilant and informed.
 of Nigeria has issued a public advisory against the activities of Crypto Bridge Exchange (CBEX), which is operated under the registered name ST Technologies International Ltd — also identified by aliases such as Smart Treasure and Super Technology.){kind=link}