The Crypto Bridge Exchange (CBEX), a digital trading platform previously accused of orchestrating a ₦1.2 trillion fraud affecting over 600,000 Nigerians, has reportedly resumed operations despite ongoing investigations by Nigeria’s Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC).
CBEX, which had promised investors 100% returns within 30 days through purported AI-driven trading, collapsed in April 2025.
The platform’s promoters now claim that an external audit by a UK-based insurance firm is underway to verify the extent of losses, with withdrawals for existing investors expected to commence on June 25, 2025.
In the interim, CBEX has introduced a scheme requiring previous investors to inject additional funds $100 for accounts with $1,000 capital and $200 for those exceeding that amount to restore their account balances.
New investors are reportedly able to register, trade, and withdraw profits without restrictions, raising concerns about the platform’s continued operations despite regulatory warnings.
The EFCC has declared several individuals wanted in connection with the alleged fraud, including foreign national Elie Bitar.
The Nigerian Financial Intelligence Unit (NFIU) has also issued advisories warning against unregulated digital asset platforms exhibiting Ponzi scheme characteristics.
Regulatory bodies emphasize that registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not equate to SEC approval.
The SEC urges Nigerians to verify the registration status of investment platforms and remain cautious of schemes promising unrealistic returns.
