The Economic and Financial Crimes Commission (EFCC) has made it clear that it is not the regulatory body for online business platforms like Crypto Bridge Exchange (CBEX), following public confusion and concerns.
The EFCC released a statement via its official social media channels, firmly distancing itself from any form of approval or endorsement of the CBEX platform. This clarification comes amid growing outcry from investors who claim they were scammed after putting large sums of money into the platform.
CBEX reportedly operated under ST Technologies International Limited, a company that registered with the Corporate Affairs Commission (CAC) in September 2024. It also got listed with the Special Control Unit Against Money Laundering (SCUML) in January 2025.
However, the EFCC pointed out that it is ST Technologies—and not CBEX—that is registered with SCUML. This registration is a mandatory process for Designated Non-Financial Businesses and Professions (DNFBPs), in line with Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism laws, as stated in the Money Laundering (Prevention and Prohibition) Act, 2022.
“The EFCC is not a clearing house or regulatory authority for online businesses,” the statement read. It stressed that SCUML registration is a legal requirement but doesn’t amount to EFCC’s endorsement of any business.
While the EFCC does not oversee online platforms, it reiterated its role in combating all forms of financial fraud. The Commission said it remains determined to bring everyone involved in the CBEX fraud to book.
“Financial fraud of any kind falls under our jurisdiction, and we are committed to securing justice for all victims of the CBEX scam,” the Commission assured.
CBEX has been under fire after several investors accused its promoters of luring them with false promises, leading to massive financial losses.
Stay informed and always verify investment platforms before committing your funds.
Follow NIGPOST for reliable updates on financial fraud cases and regulatory clarifications in Nigeria.
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