Victor EzejaThere is an air of uncertainty on issues surrounding the Crypto Bridge Exchange (CBEX) platform as it suddenly announced the resumption of operations, allowing new users to register, trade, and withdraw funds.
This is despite an existing ban on its activities in the country by the Nigerian Securities and Exchange Commission (SEC) and an ongoing probe of the CBEX’s involvement in a N1.2 trillion digital trading fraud.
Join our WhatsApp ChannelIn a chat with Prime Business Africa over the weekend, some users said CBEX has resumed operations despite ongoing investigations by the SEC and the Economic and Financial Crimes Commission (EFCC). The platform was accused of defrauding thousands of Nigerians following its sudden crash in April. Many victims flooded various social media platforms, lamenting their losses after they were shut out and became unable to withdraw their funds deposited in the digital platform.
The platform is said to be offering new withdrawal options to rebuild investor trust.
Following the outrage that trailed the sudden crash of the CBEX platform last month, the SEC formally declared that it is an illegal investment activity.
Meanwhile, the EFCC has stated that it is investigating the company’s activities.
The anti-graft agency declared eight persons wanted in connection with the scheme. They are: Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
CBEX initially enticed investors with claims of 100% profits in 30 days, reportedly created through artificial intelligence-driven trading.
READ ALSO: How Nigerians Lost N1.3trn On CBEX Digital Trading Platform
The firm began operations in 2024, having registered with the Corporate Affairs Commission in September and received a certificate from the EFCC’s Special Control Unit Against Money Laundering (SCUML) in January 2025. The platform apparently crashed on 14 April 2025, wiping away N1.2 trillion of investors’ money.
Despite the regulatory warnings and actions, CBEX has nonetheless continued to operate. The site has reactivated its services after temporarily suspending withdrawals for existing customers, however, old accounts are still being audited.
According to a trader, users with old accounts must go through an insurance process and inject new funds to restore lost assets. Those who do so will receive staged withdrawals in June and August, one of the users said.
New users are, however, not subjected to such restrictions as they can register, deposit funds, trade, and withdraw earnings without limitation.
READ ALSO: US Tariffs: Nollywood Risks losing $80.20 million projected Revenue
Some reports claim that CBEX is undertaking an external financial audit by a UK-based insurance company to confirm the real amount lost. The findings, which are reportedly anticipated to be finalized by 25 June 2025, could allow previously affected investors to begin retrieving monies that have been inaccessible for several weeks.
CBEX promoters have continued to claim that they are not operating a scam and that the losses were caused by an AI trading error that occurred on 14 April, which resulted in the loss of investors’ funds in the system. They asserted that the platform and app are insured, and that ongoing verification will determine reimbursement.
READ ALSO: CBEX Crash: Investors Will Get Their Money Back, EFCC Assures
They claimed that the site is now manually run, with users making trades using shared codes, as opposed to the previous AI-automated method.
The platform is reportedly operating in some other countries, including the United Kingdom, and some African countries like Kenya, South Africa, and Egypt.
Videos shared on social media when the platform crashed showed people in some other countries who invested in the platform attempting to commit suicide upon learning about the losses.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
