Despite facing a ban by the Securities and Exchange Commission (SEC) and an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) over an alleged N1.2 trillion fraud, Crypto Bridge Exchange (CBEX) has resumed operations. The embattled digital trading platform, which crashed in April 2025 and reportedly affected over 600,000 Nigerian investors, is now allowing new registrations and withdrawals, sparking fresh concerns among financial regulators
CBEX had promised users 100% profits within 30 days through AI-driven trading, a claim that attracted massive interest. However, the platform allegedly lost investors’ funds following a failed AI trade. Although the SEC has declared CBEX illegal, and the EFCC is deep into a fraud probe—declaring several promoters wanted—the platform claims to be undergoing an external audit by a UK-based insurance firm to verify actual losses. The audit is expected to end by June 25, after which old investors may begin partial withdrawals.
CBEX is now asking previous investors to “reinject” fresh capital to recover their wiped balances, a move critics say mirrors Ponzi tactics. Meanwhile, new users are able to trade and withdraw funds freely, raising alarms that unsuspecting Nigerians may still be lured into the platform by promises of high returns.
Regulatory bodies like the SEC and NFIU have warned Nigerians against investing in unlicensed platforms, noting that registration with CAC or EFCC’s SCUML is not enough for legitimacy. Authorities are urging the public to verify any investment firm with SEC and avoid schemes promising guaranteed profits with little to no risk.
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