This stance comes as a renewed warning to the public, urging complete caution against engaging with the platform due to its continued unregistered status with the regulatory body.
The SEC’s clarification follows recent intelligence indicating that CBEX has reportedly resumed operations in various regions across Nigeria.
These reports detail that the platform is allegedly demanding a fee from users—$200 for account balances exceeding $1,000, and $100 for those with less than $1,000—as a prerequisite for withdrawing funds.
The Commission has warned that CBEX and its affiliated parent company possess no legal authorization to provide investment services or solicit funds from the Nigerian populace.
In response to previous instances of unauthorized operations, the SEC has already initiated robust enforcement actions against CBEX and its promoters.
The SEC has strongly cautioned Nigerian citizens against any form of engagement with CBEX or any entities associated with it, emphasizing the significant risk of incurring substantial financial losses.
To safeguard investors, the SEC continues to advocate for due diligence, advising individuals to verify the registration status of any investment platform through its official website before committing funds or engaging in transactions.
The Securities and Exchange Commission (SEC) of Nigeria has issued a resolute statement reiterating that Crypto Bridge Exchange (CBEX) remains prohibited from conducting investment-related activities within the country.
This stance comes as a renewed warning to the public, urging complete caution against engaging with the platform due to its continued unregistered status with the regulatory body.
The SEC’s clarification follows recent intelligence indicating that CBEX has reportedly resumed operations in various regions across Nigeria.
These reports detail that the platform is allegedly demanding a fee from users—$200 for account balances exceeding $1,000, and $100 for those with less than $1,000—as a prerequisite for withdrawing funds.
The Commission has warned that CBEX and its affiliated parent company possess no legal authorization to provide investment services or solicit funds from the Nigerian populace.
In response to previous instances of unauthorized operations, the SEC has already initiated robust enforcement actions against CBEX and its promoters.
The SEC has strongly cautioned Nigerian citizens against any form of engagement with CBEX or any entities associated with it, emphasizing the significant risk of incurring substantial financial losses.
To safeguard investors, the SEC continues to advocate for due diligence, advising individuals to verify the registration status of any investment platform through its official website before committing funds or engaging in transactions.
