The Nigerian Securities and Exchange Commission (SEC) has renewed its public warning against Crypto Bridge Exchange (CBEX), also known as ST Technologies International Ltd, Smart Treasure, or Super Technology, for operating without regulatory approval and engaging in unauthorized investment activities.
According to the SEC’s official advisory issued on Wednesday, CBEX has resumed operations despite prior enforcement actions. The exchange is allegedly soliciting payments from users attempting to withdraw their funds — demanding $200 from users with balances above $1,000, and $100 from those with smaller holdings, before processing withdrawals. The SEC stated that these activities are in violation of the Investments and Securities Act 2025.
The Commission emphasized that CBEX and its affiliated entities are not licensed to operate in the Nigerian capital market. It warned investors to avoid engaging with the platform, stating: “The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX or ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds.”
CBEX has a controversial history in Nigeria. Earlier this year, the platform came under fire when thousands of users were locked out of their accounts during a suspension of withdrawals in April 2025. CBEX blamed a supposed “security breach,” but failed to follow through on refund promises. It shut down Telegram channels and allegedly wiped user balances, prompting enraged investors to loot one of the exchange’s offices.
Some victims reported devastating financial losses, including a user who claimed to have lost 8.7 million naira. The incident further exposed the risks of dealing with unregistered crypto firms in Nigeria’s largely unregulated digital asset market.
The Nigerian SEC confirmed that it is working with law enforcement agencies to investigate the matter and initiate additional legal actions against CBEX and its promoters. For continuous updates on crypto regulation and enforcement in Africa, visit TheCoinInfo.
