Crypto Bridge Exchange (CBEX), the digital trading platform currently under serious investigation for an alleged ₦1.2 trillion fraud affecting over 600,000 Nigerians, has reportedly resumed operations and is offering new withdrawal options to investors.
The development comes despite the platform being declared illegal by the Securities and Exchange Commission (SEC) and the ongoing investigation by the Economic and Financial Crimes Commission (EFCC).
Read also: SEC warns Nigerians against unregistered crypto platforms amid CBEX collapse
CBEX subjects existing investors to new guidelines
Sources familiar with the matter have indicated that CBEX has quietly reactivated its platform, even allowing new users to register and trade. While new users can withdraw, existing investors, who have faced weeks of blocked access to their funds since the platform's alleged collapse on April 14, 2025, are subject to new guidelines.
Previous investors with a capital of up to $1000 are now required to pay $100 to be eligible to withdraw 50 percent of their initial funds, with the first payout expected around June 25, 2025, according to the source.
The platform's administrators have attributed the previous collapse to a failed artificial intelligence (AI) trading cycle. A representative on a new CBEX Telegram channel claimed, "Al was attacked and the trading strategy was tampered with," insisting that an "insurance-backed compensation process is underway."
The representative further stated that the "United Kingdom government is currently auditing CBEX’s financials and negotiating with Nigerian authorities."
Despite these assurances, regulatory bodies continue to warn Nigerians against engaging with such platforms.
SEC Director-General, Dr. Emomotimi Agama, emphasized that "CAC registration and EFCC certificate is not enough to show that a company is registered with SEC. These are red flags Nigerians must look out for."
He added that the newly enacted Investments and Securities Act carries a "N20m fine and a 10-year jail term for those involved in Ponzi schemes."
Read also: CBEX Crash: Three signs you’re investing in a Ponzi scheme
EFCC declares CBEX official wanted
The EFCC has also declared a foreign national, Elie Bitar, wanted in connection with the alleged fraud. In a public bulletin, the EFCC urged anyone with information on his whereabouts to contact them.
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has issued a strong advisory against several unregulated investment platforms, including CBEX, eWealth Connect, WWCoin, Delux, and ADK, noting"classic Ponzi characteristics with its unrealistic daily returns of up to 6 per cent, alongside aggressive deposit incentives and high withdrawal fees."
The NFIU cautioned investors to "always research before investing time or money."
