The digital finance space in Nigeria continues to grow rapidly, with platforms offering everything from cryptocurrency trading to blockchain-based payment systems. One of the latest names to surface is CBEX, a digital asset trading platform that has gained popularity and scrutiny within a short time. But what exactly is CBEX? How does it work, and why is it currently making headlines? This article provides a detailed overview of CBEX
What is CBEX?
CBEX, believed to stand for “Centralized Blockchain Exchange,” is a digital platform that allows users to trade, invest, and manage digital assets. These assets may include cryptocurrencies, tokenized commodities, and other blockchain-based financial instruments.
The platform has marketed itself as a secure and innovative space for digital asset trading, with an emphasis on accessibility and high returns. It reportedly offers features such as:
– Digital asset trading (in USD and possibly other currencies)
– Incentivized referral programs
– Profit-sharing models with high monthly return rates
– User-friendly mobile interface
Although CBEX has attracted a large user base in Nigeria, particularly among those seeking alternative investment channels, its model has raised eyebrows within regulatory and financial circles
CBEX operates as a centralized exchange, meaning it controls all transactions through its own servers and systems rather than using decentralized protocols like DeFi platforms. Users typically register on the platform, fund their accounts (usually with fiat currencies or stablecoins), and then invest in trading pools or plans offered by the platform.
The platform gained popularity partly due to its attractive return-on-investment (ROI) schemes, with some users claiming monthly returns as high as 100%. These claims, combined with strong referral incentives, fueled a rapid increase in signups and deposits.
Is CBEX regulated in Nigeria?
One of the most critical aspects of CBEX’s operation is its regulatory status. According to Nigeria’s Securities and Exchange Commission (SEC), CBEX is not a registered digital asset exchange under Nigerian law. Under the new Investments and Securities Act 2024, all virtual asset service providers must be registered and licensed by the SEC to operate legally.
In light of this, the SEC recently issued a warning to the public about engaging with unregistered digital trading platforms, including CBEX. The commission emphasized that operating or promoting such platforms could attract legal penalties under the Act.
As of April 2025, CBEX has come under fire following multiple reports of users being unable to withdraw funds from the platform. Some users believe the delays are temporary, citing internal updates, while others suspect the platform may be facing liquidity or regulatory issues.
In Oyo State, tensions escalated when aggrieved users stormed and vandalized a CBEX office in Ibadan, citing frustrations over inaccessible funds. This incident triggered further public scrutiny and media attention.
