Crypto Bridge Exchange (CBEX), a cryptocurrency platform under investigation for allegedly defrauding over 600,000 Nigerians of N1.2 trillion, has resumed operations despite a ban by the Securities and Exchange Commission (SEC) and an ongoing probe by the Economic and Financial Crimes Commission (EFCC).
The platform, which crashed on April 14 citing a failed artificial intelligence trade, quietly reopened this week, allowing users to trade, withdraw, and register. It has introduced new verification procedures and requested users to pay additional fees as part of a recovery process it claims is backed by a UK-based insurance firm.
While CBEX insists only N126 billion was lost and denies any fraudulent intent, the EFCC continues to investigate it as a suspected Ponzi scheme. Several individuals linked to the platform have been declared wanted, while one, Adefowora Abiodun, is already in custody.
Regulatory authorities, including the NFIU and SEC, have warned Nigerians to steer clear of CBEX and similar unlicensed digital investment schemes that promise unrealistic returns. The SEC has reaffirmed that CBEX is neither registered nor authorised to operate in Nigeria.
