Abuja, Nigeria — The Securities and Exchange Commission (SEC) has reaffirmed that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure or Super Technology, remains banned from operating in Nigeria.
This clarification was issued in a public notice released yesterday, amid reports suggesting that CBEX has resumed operations across the country.
According to the SEC, promoters of the platform are allegedly demanding $200 from users with balances above $1,000 and $100 from those with less than $1,000 before allowing any withdrawals — a practice the Commission describes as unauthorized and potentially exploitative.
The Commission emphasized that CBEX, along with ST Technologies International Ltd, is not registered with the SEC and has no legal authority to offer investment services in Nigeria.
“Enforcement actions have already been initiated against CBEX and its promoters,” the notice stated, adding that the SEC is working closely with law enforcement agencies to fully investigate the entity’s activities in line with the Investments and Securities Act 2025.
In a firm warning to the public, the SEC urged Nigerians to avoid engaging in any transactions or investment activities with CBEX or its associated entities, stressing the high risk of financial loss.
Citizens were advised to verify the regulatory status of any investment platform through the Commission’s official verification portal before committing funds.
The SEC concluded by reiterating its commitment to safeguarding investor interests and upholding the integrity of Nigeria’s financial markets.
By Makinde oyinkansola| June 12, 2025
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