The Securities and Exchange Commission (SEC) has said that Crypto Bridge Exchange (CBEX) is still not allowed to operate in Nigeria.
The company, which also goes by the names Smart Treasure and Super Technology, is owned by ST Technologies International Ltd.
It has not been registered with the SEC, and the public has been warned to avoid doing any investment-related business with the platform.
The SEC made this known in a public statement following reports that CBEX had resumed operations in different parts of the country.
According to the reports, the platform has been asking users to pay $200 if their account balance is over $1,000, and $100 for those with less than $1,000, before allowing them to withdraw funds.
SEC stated clearly that CBEX and its parent company have no legal approval to offer investment services in Nigeria.
In response to earlier activities that were not authorised, the commission has already taken enforcement steps against the platform and its promoters.
It also said that investigations are ongoing in collaboration with law enforcement agencies to look into the company’s dealings and ensure that proper action is taken in line with the country’s laws.
The commission strongly advised Nigerians to stay away from CBEX and any company linked to it, as doing business with them could lead to financial loss.
SEC urged investors to always check the status of any investment platform through its official website before putting in money or engaging in any transactions.
The agency also said it will continue working to protect investors and make sure the financial market in Nigeria is safe and trustworthy.
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