The Nigerian Securities and Exchange Commission has issued a new warning against the crypto bridge exchange.
Also known as St Technologies International Ltd, Smart Treasure or Super Technology, the exchange reportedly resumed operations nationwide despite no regulatory approval.
According to the Nigerian SEC, CBEX is seeking payments from users who are trying to withdraw funds from the platform.
Specifically, the exchange requires $200 and $100 for users with a balance of more than $1,000 before withdrawing.
The committee said such activities were not permitted and violated Nigerian Investment and Securities Act 2025.
In an official advisory ceremony announced on Wednesday, the SEC reaffirmed that CBEX and its affiliated entities are not registered to operate in the Nigerian capital markets. The committee also revealed that the previous unapproved investment scheme has already launched enforcement measures against the company and its promoters.
“Nigerian citizens are advised to refrain from using or trading with CBEX or ST Technologies International Ltd (smart treasure or supertechnology) because they are at risk of losing funds,” the SEC said.
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CBEX’s fraudulent past
Earlier this year, Nigerians looted the exchange’s office after users discovered that their account balances had dropped to zero after the April withdrawal halt.
CBEX has allegedly condemned a “security violation” and promised a refund, but instead shut down the telegram group and wiped out the user fund. The video shows the destroyed investors, some of whom claimed to have lost life savings, including one user who reported loss of 8.7 million naira.
Regulators are currently working with relevant law enforcement agencies to investigate CBEX’s operations and pursue further legal action aimed at protecting investors and the broader financial system.