SEC reacts to CBEX operations in Nigeria amid concerns over closure

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 The Securities and Exchange Commission (SEC) has reacted to the operations of CBEX, a digital asset trading platform in Nigeria, saying any of such platform not registered with the SEC is illegal.

This comes amidst the rumors of closure of the platforms over the inability of users to withdraw their funds over the weekend.

Speaking during a virtual engagement with fintech stakeholders on the Investment and Securities Act (ISA 2025) on Monday, the Director General of the SEC, Emomotimi Agama, warned Nigerians against patronizing unregistered platforms.

“Very recently, there has been a post that has gone viral around a particular platform and the activities of such platforms. And of course, the aftermath of it is further news of their closure and all of that. 

“In fact, I was tagged in one of those messages. I want to state it very clearly. If it is not registered, it is illegal,” Agama stated without directly mentioning the platform.

Concerns over CBEX 

Social media was abuzz on Friday following concerns about the operations of CBEX with several users warning that it shows signs of being a Ponzi scheme.

  • The concerns stem from the inability of some users to withdraw, sparking fears that the scheme might have crashed.
  • However, some users insist that the platform was still functioning, although withdrawals were currently not possible due to the platform’s rules and regulations.
  • CBEX prides itself as an investment platform that gives users 100% return on investment in one month, and “investments” are only in USD. Users also get bonus for referral.
  • Meanwhile, checks by Nairametrics on the SEC database confirm that CBEX is not currently registered with the Commission.

Crackdown on illicit activities 

Speaking on the provisions of the Investment and Securities Act (ISA 2025) recently signed by President Bola Tinubu, the SEC DG said the Act has established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust.

This, it said, allows the SEC to crack down on illicit activities, such as Ponzi scheme, pump and dump tokens, and unregistered exchanges, creating a safer environment for investors.

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