The Securities and Exchange Commission (SEC) has reaffirmed that Crypto Bridge Exchange (CBEX), operating under the name ST Technologies International Ltd., remains banned from operating in Nigeria.
In a public notice issued on Wednesday, June 11, the commission cautioned Nigerians against dealing with CBEX or any of its affiliated entities, including Smart Treasure or Super Technology, stating clearly that the company is not registered to offer investment services in the country.
“The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd., also known as Smart Treasure/Super Technology, has resumed operations across Nigeria,” the statement read.
According to the SEC, recent reports show that CBEX promoters have allegedly resumed activity by demanding fees from users seeking to recover funds.
Specifically, the promoters are said to be requesting $200 from subscribers with account balances above $1,000, and $100 from those with less, before
withdrawals can be processed.
“The Commission states unequivocally that neither CBEX nor ST Technologies International Ltd. (Smart Treasure or Super Technology) is registered with the Commission or authorised to offer investment-related services to the Nigerian public,” the SEC stressed.
The commission further disclosed that enforcement actions are already underway against CBEX for previously engaging in unauthorised investment operations.
It confirmed ongoing collaboration with law enforcement agencies to investigate the company.
“The Commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025,” it stated.
SEC strongly advised Nigerians to avoid any financial transactions with CBEX or its affiliates, warning that doing so places them at risk of financial loss.
“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX/ST Technologies International Ltd. (Smart Treasure or Super Technology) as they risk losing their funds,” it said.
The commission urged members of the public to verify the registration status of any investment platform through its official portal at www.sec.gov.ng/cmos before engaging in any financial dealings.
It reiterated its commitment to investor protection and the preservation of capital market integrity.
