‘Unregistered, Illegal, and Risky’
By IDNN Finance Desk
ABUJA, NIGERIA — JUNE 12, 2025 | The Securities and Exchange Commission (SEC) has issued a sharp warning to the Nigerian public, reaffirming that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., is not authorised to conduct investment services in Nigeria.
In a statement released Wednesday, the capital markets regulator labeled the entity — also known as Smart Treasure or Super Technology — as unregistered and illegal, urging Nigerians to avoid all forms of engagement with the platform.
“CBEX is not registered with the commission or authorised to offer investment-related services to the Nigerian public,” the SEC stated unequivocally.
Illegal Demands, Unregistered Operations
The SEC warning followed multiple reports that CBEX had resumed operations across Nigeria, allegedly requesting existing users to pay additional fees before withdrawals could be processed.
According to affected subscribers, the platform demanded:
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$200 from users with balances above $1,000, and
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$100 from users with smaller balances — a move viewed as exploitative by regulators.
The SEC said it had already initiated enforcement actions against CBEX for previous violations and is now working with law enforcement agencies to further investigate the company’s activities.
“The Commission is collaborating with relevant law enforcement agencies to investigate CBEX and ST Technologies International Ltd. and will take appropriate action in line with the provisions of the Investments and Securities Act 2025,” the statement noted.
Investor Protection Alert
This latest advisory aligns with the SEC’s broader campaign to protect Nigerian investors from fraudulent digital investment schemes. The commission reiterated that any unregistered platform offering crypto or investment services is operating outside the law — and presents a serious financial risk to the public.
“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX,” the SEC warned.
To aid transparency, the commission urged all investors to verify the registration status of any investment firm or crypto-related entity via its official portal: www.sec.gov.ng/cmos.
A Pattern of Digital Fraud?
While CBEX is the latest in a string of flagged platforms, the episode underscores the regulatory vacuum in Nigeria’s rapidly expanding crypto space. Authorities say fraudsters exploit this space to run unregulated schemes, especially as more Nigerians turn to digital currencies amid economic strain.
The SEC’s advisory is the second in six months targeting unlicensed platforms that solicit funds from the public under the guise of cryptocurrency trading or token sales.
What Investors Should Know
Under Nigerian financial law, any entity offering investment opportunities or handling client funds must be licensed and regulated by the SEC or the Central Bank of Nigeria (CBN). CBEX meets neither criterion.
Analysts warn that platforms operating without oversight often vanish overnight, leaving users unable to recover funds — a trend that has plagued Nigeria’s crypto landscape for years.
Graphic Caption
CBEX digital advert screenshot. Nigeria’s SEC warns: “Unregistered, illegal, and under investigation. Avoid losses, stay away.”
