Well, gather ’round, folks, for the Nigerian Securities and Exchange Commission has once again donned its superhero cape, issuing a fresh warning against that notorious rascal known as Crypto Bridge Exchange, or as it likes to call itself, ST Technologies International Ltd, Smart Treasure, or Super Technology—because why settle for one name when you can have a whole circus of them? 🎪
Now, this exchange has been gallivanting about the country, resuming operations like a cat with nine lives, all while lacking the proper regulatory approval. It’s like a fish trying to ride a bicycle—just doesn’t make sense! 🐟🚲
According to the SEC, CBEX has been up to its old tricks, soliciting payments from users who are just itching to withdraw their hard-earned funds. They’re demanding a cool $200 from those with balances over $1,000 and a mere $100 from the less fortunate souls with smaller amounts. It’s like a toll booth on the highway to financial freedom! 💸
The Commission has made it abundantly clear that such shenanigans are unauthorized and violate Nigeria’s Investments and Securities Act 2025. I mean, who knew that asking for money to give you your own money back was against the law? 🤔
In a rather stern advisory released on a Wednesday—because what better day to rain on a parade?—the SEC reiterated that CBEX and its merry band of misfits are not registered to operate in the Nigerian capital market. They’ve even kicked off enforcement actions against the company and its promoters, who seem to have a knack for unapproved investment schemes. It’s like a game of whack-a-mole, but with more legal jargon! 🥴
CBEX’s fraudulent past
Earlier this year, in a scene that could only be described as a modern-day gold rush, Nigerians stormed the office of the exchange after discovering their account balances had plummeted to zero following a withdrawal suspension in April. Talk about a plot twist! 📉
CBEX, in a classic case of “the dog ate my homework,” blamed a “security breach” and promised refunds, but instead, they closed their Telegram groups faster than a magician disappearing in a puff of smoke and allegedly wiped user funds clean. Videos surfaced showing devastated investors, some claiming to have lost their life savings—one poor soul even reported losing 8.7 million naira! That’s enough to make a grown man weep! 😢
Now, the regulator is teaming up with law enforcement agencies to investigate CBEX’s operations and pursue further legal action, all in the name of safeguarding investors and the broader financial system. It’s a noble cause, but let’s hope they don’t need a map to find their way through this tangled web of deceit! 🕵️♂️
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2025-06-11 22:52