Nigerian SEC Slams Crypto Bridge Exchange: "Stop Scamming Our Citizens!"

Hang onto your hats, crypto fans! The Nigerian Securities and Exchange Commission just dropped a bombshell warning against Crypto Bridge Exchange (CBEX). These guys won't quit, even though they've got no regulatory green light!

Listen up, CBEX goes by many aliases: ST Technologies International Ltd, Smart Treasure, or Super Technology. They're sneakily back in business across Nigeria, and the SEC ain't having it.

Get this: the SEC says CBEX is straight-up demanding cash from folks just trying to pull their own money out. Can you believe it?

Here's the breakdown: if you've got over a grand stuck in there, they want $200 before you can touch it. Less than that? They're still shaking you down for $100. It's outrageous!

The Commission's pulling no punches, saying this whole operation is a big no-no under Nigeria's Investments and Securities Act 2025.

In a fiery advisory dropped this Wednesday, the SEC made it crystal clear: CBEX and all its shady sidekicks are not welcome in Nigeria's capital market. And guess what? They've already got the legal hounds on their trail for past unapproved schemes.

The SEC's message to the public? "Stay far away from CBEX and ST Technologies International Ltd - they're playing fast and loose with your hard-earned cash!"

CBEX's Shady History: From "Security Breach" to Office Raid

Remember earlier this year when Nigerians stormed CBEX's office? Yeah, that happened after users woke up to find their accounts wiped clean. Withdrawals were frozen in April, and suddenly, everyone's balance hit zero.

CBEX tried to spin it as a "security breach" and promised refunds, but then - poof! - they vanished from Telegram and allegedly swiped the remaining user funds. Videos of devastated investors went viral, with one poor soul claiming to have lost a staggering 8.7 million naira. Heartbreaking stuff.

But the SEC isn't just sitting back. They're teaming up with law enforcement to dig deep into CBEX's dirty dealings and bring the hammer down to protect investors and keep the financial system safe.