SEC issues fresh warning as CBEX resurfaces despite crackdown
- The SEC cautioned the public against Crypto Bridge Exchange (CBEX), calling it a Ponzi-like scheme.
- CBEX resumed operations under the name ST Technologies International Ltd, allowing new registrations and trading.
- Over 600,000 Nigerians invested approximately ₦1.2–₦1.3 trillion in the scheme since its launch in November 2024.
The repeated emergence of Ponzi schemes like CBEX highlights a significant gap in investor education and regulatory enforcement in Nigeria. It is crucial for authorities to enhance public awareness about the risks of such investments and for investors to exercise due diligence before committing funds.
