The troubled Crypto Bridge Exchange (CBEX), operating under the corporate name ST, has introduced new withdrawal options in an attempt to restore investor confidence following allegations of a N1.3 trillion fraud.Insiders familiar with the situation told BusinessDay that the move was prompted by the company’s collapse. Although the platform has implemented new guidelines for withdrawals, there are limits on the amount that can be withdrawn.
One source explained that trading on CBEX is still active and the platform has not crashed. However, new procedures for withdrawing funds are in place. Investors with balances over $1,000 are required to pay $100 to access 50 percent of their initial funds, which are expected to be released by June 20, 2025.
CBEX has faced accusations of misappropriating funds from over 600,000 Nigerians who used the platform. The Securities and Exchange Commission has declared it illegal, and the Economic and Financial Crimes Commission is investigating the firm. CBEX had promised investors a 100 percent profit after 30 days of AI-based trading.
The platform started its operations in July 2024, receiving registration approval from the Corporate Affairs Commission in September and from the EFCC’s Special Control Unit Against Money Laundering in January 2025. Users were encouraged to recruit others, with bonuses and rewards tied to the size of their referral networks.Recently, Adefowora Abiodun, a prominent trader on the platform, voluntarily surrendered to the EFCC for questioning.
Other regulatory bodies, including the SEC, have condemned CBEX’s operations, advising Nigerians to avoid platforms that offer unrealistic returns under the guise of digital trading.One user, who chose to remain anonymous, expressed doubts about the firm’s true status, noting that the “resumption and activation of accounts” fee seemed to be another attempt to exploit more Nigerians.
The user explained that by June 25, investors would be able to withdraw up to 50 percent of their initial investment, but only if they complete the necessary verification. The remaining funds would be accessible after further steps. Despite the SEC confirming that CBEX is illegal, many Nigerians continue to fall for such “quick-money-returns” schemes, highlighting the financial illiteracy prevalent in the country, according to Adeola Odetayo, a financial analyst based in Lagos.
Source : https://businessday.ng/
