The Crypto Bridge Exchange (CBEX), a digital trading platform previously accused of masterminding a ₦1.2 trillion investment scam that affected over 600,000 Nigerians, has reportedly resumed operations despite ongoing probes by Nigeria’s Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC).
CBEX, which had enticed investors with promises of 100% returns within 30 days through alleged AI-powered trading strategies, collapsed in April 2025.
The platform’s operators now claim a UK-based insurance firm is conducting an independent audit to assess the scale of investor losses, and that withdrawals for existing users will begin on June 25, 2025.
Meanwhile, CBEX has introduced a new requirement for old investors to pay additional fees—$100 for accounts with an initial capital of $1,000 and $200 for those with larger amounts—to reactivate their balances.
In contrast, new users can reportedly register, trade, and withdraw funds without restrictions, sparking concern over the platform’s ongoing activities despite clear regulatory red flags.
The EFCC has issued a wanted list that includes several individuals linked to the alleged fraud, notably foreign national Elie Bitar.
Additionally, the Nigerian Financial Intelligence Unit (NFIU) has released warnings about unregulated digital asset platforms that exhibit signs of Ponzi schemes.
Regulators caution that registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not equal regulatory approval from the SEC.
The SEC continues to advise Nigerians to confirm the regulatory status of any investment platform and to remain vigilant against schemes offering unrealistic financial returns.