Cbex Reopens Despite Sec Ban And Ongoing N1.2 Trillion Fraud Probe

Despite an active probe into an alleged N1.2 trillion digital trading fraud and a ban by Nigeria's Securities and Exchange Commission, Crypto Bridge Exchange CBEX has resumed operations, allowing new users to register, trade, and withdraw funds.

Two users of the CBEX platform told The PUNCH on Wednesday that the embattled investment company had quietly restarted activities, despite ongoing investigations by the SEC and the Economic and Financial Crimes Commission EFCC. The platform, accused of defrauding over 600,000 Nigerians following its sudden collapse in April, is now reportedly offering new withdrawal options to rebuild investor trust.

According to sources familiar with the situation, CBEX is undergoing an external financial audit by a UK-based insurance firm to verify the actual sum lost. The findings, expected to be completed by 25 June 2025, could pave the way for previously affected investors to begin reclaiming funds, which have been inaccessible for weeks.

This development follows a formal declaration by the SEC labelling CBEX as an illegal investment operation. The EFCC, meanwhile, has confirmed it is investigating the company's activities. CBEX had initially attracted investors with promises of 100 per cent returns in 30 days, allegedly generated by artificial intelligence-driven trading.

The firm began operations in 2024 after registering with the Corporate Affairs Commission in September and receiving a certificate from the EFCC's Special Control Unit Against Money Laundering in January 2025. On 14 April 2025, the scheme reportedly collapsed, wiping out N1.2tn in investor funds.