The Securities and Exchange Commission (SEC) has issued a firm warning to Nigerians, reiterating that Crypto Bridge Exchange (CBEX), operating under the name m ST Technologies International Ltd and also known by aliases such as Smart Treasure and Super Technology, remains banned from offering any investment or financial services in Nigeria.
In a public statement, the SEC addressed growing concerns over recent reports that CBEX had resumed operations in various parts of the country, in clear defiance of earlier regulatory actions. According to the reports, the platform has been soliciting payments from investors before allowing them to process withdrawals. Individuals holding more than $1,000 are allegedly required to pay $200, while those with less than $1,000 must pay $100—a practice the commission described as exploitative and unlawful.
The SEC categorically stated that CBEX and all associated entities are neither registered nor authorised to operate in Nigeria’s capital market or conduct any form of investment business. As such, all of their activities are deemed illegal and potentially fraudulent under Nigerian law.
The commission noted that enforcement actions had previously been taken against CBEX due to its unlicensed operations and that fresh investigations are underway in collaboration with law enforcement agencies to determine the full extent of its activities and protect the public from further financial losses.
“The investing public is hereby warned to desist from engaging with CBEX or any of its affiliated names. These platforms are operating outside the legal and regulatory framework,” the SEC declared.
Under the Investments and Securities Act of 2025, the SEC emphasized it will pursue every available legal avenue to hold CBEX’s promoters accountable and uphold the integrity of the capital market.
Investors were strongly urged to avoid patronizing any investment provider that is not registered with the commission. The SEC highlighted the risk of severe financial loss, reputational harm, and lack of legal recourse associated with such engagements. It stressed that investments made through unregistered platforms fall outside the scope of investor protection guaranteed by Nigerian law.
As part of its investor education efforts, the SEC advised Nigerians to verify the registration status of any investment firm through its official capital market operator portal. This tool enables members of the public to confirm whether a firm is duly licensed, serving as a vital step in protecting themselves against fraudulent schemes.
The commission also raised broader concerns about the continued spread of unregulated digital investment platforms, warning that such entities threaten both investor confidence and the stability of Nigeria’s financial markets. It pledged to continue collaborating with both domestic and international partners to track, investigate, and take enforcement action against operators that flout financial regulations.
Furthermore, the SEC called on financial institutions, fintech platforms, media outlets, and the general public to work collectively in fostering a culture of informed investing and regulatory compliance. It stressed that protecting the public from fraud requires a united front across all sectors of society.
With this renewed warning, the SEC has signaled its determination to crack down on unlawful financial practices and ensure that only credible, regulated institutions are allowed to operate within Nigeria’s capital market.
