The SEC responded to Nigeria’s CBEX operations, which was a concern about the closure.
Nigeria News Nalin The report said the Securities and Exchange Commission (SEC) responded to the operation of Nigeria’s digital asset trading platform CBEX, saying that any such platform that was not registered with the SEC is illegal.
This is a rumor about users being unable to withdraw funds over the weekend.
Speaking on Virtual Interactions with FinTech Stakeholders (ISA 2025), SEC Director-General Emomotimi Agama warned Nigerians not to patronize unregistered platforms.
“Recently, there was a post that was spread around the activity of a particular platform and such platforms.
“I’m actually tagged in one of the messages. I want to say it very clearly. If it’s not registered, it’s illegal,” Agama said there was no direct mention of the platform.
Worries about CBEX
Social media was upset on Friday due to concerns about CBEX’s operations and several users warned that it showed signs of a Ponzi scheme.
- These concerns stem from issues that some users cannot withdraw, which raises concerns about the program’s potential collapse.
- However, some users insist that the platform is still running, although withdrawals are currently not possible due to the platform’s rules and regulations.
- CBEX calls itself an investment platform that provides users with a 100% return on investment for a month, while the “investment” is only in the US dollar. Users also receive recommendation rewards.
- Meanwhile, Nairametrics’ inspection on the SEC database confirms that CBEX is not currently registered with the committee.
Suppress illegal activities
SEC DG said of the recent provisions of the Investment and Securities Act (ISA 2025), signed by President Bola Tinubu, that the bill has established clear rules and regulations for digital asset platforms, including registration requirements, to promote transparency and trust.
It said this allows the SEC to combat illegal activities such as Ponzi schemes, pumping and junk tokens, and unregistered communications, creating a safer environment for investors.
“It is important that we must be cautious about our work even for celebrities. Being influencers or introducing meme coins is not ideal for the generality of Nigerians, nor will it be tolerated, will not tolerate, will not tolerateHe warned.
What you should know
Newsonline Nigeria earlier reported that the SEC is now authorized by ISA 2025 to sue the sponsors of the Ponzi scheme in the country.
SEC DG recently pointed out in a TV interview that the commission had no legal support for Ponzi Ponzi scheme operators until the new law came into effect, adding that it made it difficult for them to bring them to justice.
- Agama said the operator of the Nigerian Ponzi scheme is now sentenced to 10 years in prison and will be fined Rs 40 million if sentenced to a fine.
- He noted that with the new law, the commission now needs everything in face to face with bad operators and bring relief to Nigerians.
- He said this will also allow the committee to block the “bad guys” and ensure people invest more confidently and happierly in the Nigerian market. “The investor protection liability for full understanding of the SEC has now been enhanced.”
