The Securities and Exchange Commission of Nigeria (SEC) has issued a firm warning to the public about the unauthorised operations of Crypto Bridge Exchange (CBEX), run under the corporate name ST Technologies International Ltd, also known as Smart Treasure or Super Technology.
The advisory follows media reports alleging that the crypto platform has resumed activities across Nigeria, demanding withdrawal fees ranging from $100 to $200 from users before processing their funds.
According to the SEC’s official statement released on Wednesday, neither CBEX nor its associated entities are registered or licensed to offer investment-related services within Nigeria.
The regulator emphasised that these activities violate the Investments and Securities Act 2025, under which enforcement actions have already been initiated against the firm and its promoters.
“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 Commission further revealed that it is actively collaborating with law enforcement agencies to investigate the platform’s operations and intends to take appropriate legal action to protect investors and maintain market integrity.
The controversy surrounding CBEX comes amid a rapidly evolving regulatory landscape in Nigeria’s burgeoning cryptocurrency sector.
Over the past few years, Nigerian authorities have taken a progressively stringent stance on digital asset platforms, prompted by concerns over scams, money laundering, and unregulated fundraising schemes.
The Central Bank of Nigeria (CBN) and SEC have both issued directives restricting crypto activities, emphasising the need for compliance with financial laws and investor protection frameworks.
CBEX first came under scrutiny several months ago when allegations surfaced about its questionable investment schemes and opaque business practices. Users complained of delayed or blocked withdrawals, leading to widespread fears of a potential Ponzi scheme.
But the latest reports indicate that CBEX is now demanding “processing fees” from investors — $200 for accounts holding more than $1,000 and $100 for smaller balances — before allowing withdrawals, raising fresh alarm bells about the platform’s legitimacy.
The SEC’s advisory serves as a reminder for Nigerians to verify the registration status of any investment platforms through the Commission’s dedicated online portal at www.sec.gov.ng/cmos before transacting.
The regulator has consistently stressed its role in fostering transparency and accountability in Nigeria’s capital markets and protecting investors from fraudulent schemes.
Industry experts view the SEC’s intervention as part of a broader effort to clean up Nigeria’s investment environment, which has seen a proliferation of unregulated fintech startups and crypto exchanges in recent years.
CBEX and ST Technologies International Ltd have not issued any public statements responding to the SEC’s announcement as of press time.
However, the situation continues to develop, and regulators have advised investors to stay informed and cautious.
