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<p>The <strong>Economic and Financial Crimes Commission (EFCC)</strong> has clarified that it is not a regulatory or clearing agency for online businesses, in response to recent reports surrounding the Crypto Bridge Exchange (CBEX) platform.</p>
<p style="text-align: left;">In a <strong>statement</strong> shared via its official social media handle, the EFCC distanced itself from endorsing or approving the CBEX platform, which had attracted thousands of investors.</p>
<p>The platform operated under ST Technologies International Limited, a company registered with the Corporate Affairs Commission (CAC) in September 2024 and with the Special Control Unit Against Money Laundering (SCUML) in January 2025.</p>
<p>The commission explained that ST Technologies, not CBEX, is registered with SCUML, as part of the mandatory registration for Designated Non-Financial Businesses and Professions (DNFBPs) under Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism framework.</p>
<p>This requirement is in compliance with the Money Laundering (Prevention and Prohibition) Act, 2022.</p>
<p>“<em>The EFCC is not a clearing house or regulatory authority of online businesses,”</em> the statement stated, emphasizing that registration with SCUML is a statutory obligation for companies in specific sectors, but it does not imply the EFCC’s endorsement of their operations.</p>
<p>Despite not regulating online businesses, the EFCC highlighted its commitment to addressing financial fraud, which falls under its jurisdiction.</p>
<p>It reaffirmed its determination to bring those responsible for the CBEX scam to justice.</p>
<p>“<em>Financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,</em>” the EFCC concluded.</p>
<p>The commission’s clarification comes as the CBEX platform has been accused of defrauding numerous investors, with some promoters reportedly convincing individuals to invest large sums of money with false assurances.</p>
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