The embattled Crypto Bridge Exchange (CBEX) trading platform, which also operates under the corporate identity of ST, has announced new withdrawal options in a move likely to restore investor confidence after the alleged N1.3 trillion fraud.
Sources who are conversant with the matter disclosed to BusinessDay that the company had made the announcement following the alleged collapse of the firm.
They stated that though CBEX had issued new guidelines to allow investors recoup their money, the amount that can be withdrawn is limited.
“The platform (CBEX) never crashed. Trading is still going on. But there are new guidelines as to how to withdraw funds,” one of the sources who pleaded anonymity said.
The source added that investors who have up to $1000 in the digital trading platform are to pay $100, this will enable them to withdraw 50 percent of their initial funds which is expected to be released by June 20, 2025.
Accused for reportedly carting away funds of more than 600,000 Nigerians who traded on the digital platform, the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.
Read also: EFCC declares foreign national wanted in CBEX fraud case
CBEX, a digital investment platform, offered investors 100 percent profit after 30 days of purported AI trading.
The trading platform started operations in July 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
Users were encouraged to refer others, with bonuses and tiered rewards based on the size of their referral network.
Read also: Court orders arrest of six in alleged $1bn CBEX crypto scam
On Monday, Adefowora Abiodun, a well-known leader and trader on the platform, voluntarily surrendered himself to the anti-graft agency for interrogation.
Other regulatory agencies, such as the SEC, also condemned the operations of the suspected Ponzi scheme, warning Nigerians to exercise extreme caution and steer clear of investment platforms that offer unrealistic returns under the guise of digital trading.
One of the users who didn’t want his name on print said he’s still “skeptical about the true position of the firm”, stating that the resumption and “activation of accounts” fee appeared to be another grand scheme to swindle more Nigerians.
“From June 25th, you can now withdraw up to 50 percent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account,” the source explained.
While CBEX has been confirmed to be illegal by SEC, many Nigerians keep falling into the web of “quick-money-returns” platforms , revealing how financially illiterate we are as a people, Adeola Odetayo, a Lagos-based financial analys
