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SEC warns Nigerians against unregistered crypto platforms amid CBEX collapse

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April 15, 2025
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Home Cryptocurrency

SEC warns Nigerians against unregistered crypto platforms amid CBEX collapse

Abimbola Samuel by Abimbola Samuel
April 15, 2025
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SEC warns Nigerians against unregistered crypto platforms amid CBEX collapse

SEC warns Nigerians against unregistered crypto platforms amid CBEX collapse

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On Monday, the Nigeria Securities and Exchange Commission (SEC) warned Nigerians to avoid unregistered digital investment platforms. The caution follows the sudden collapse of CBEX, a digital asset trading platform that has locked users out of their funds since April 9.

SEC Director General Emomotimi Agama emphasised during a Zoom meeting with fintech stakeholders that any platform not registered with the Commission is operating illegally.

Read also:

New law strengthens SEC’s regulatory power

“Recently, there has been a viral post concerning a particular platform and its activities, which has since been followed by news of its closure. I want to be very clear — if it is not registered, it is illegal,” Agama stated.

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Agama noted the Investment and Securities Act (ISA) 2025 as a critical tool in combating fraudulent schemes. “With the new law, there are now clear rules for digital asset platforms, including registration requirements designed to enhance transparency and build public trust,” he explained.

The SEC boss further cautioned influencers and celebrities against promoting unregistered investments. “Celebrities must be cautious. Introducing Nigerians to unregulated investments under the guise of promotion or popularity is irresponsible and poses serious risks to the public,” he warned.

Read also:

CBEX scam leaves investors in shock

Meanwhile, thousands of Nigerians are counting heavy losses after CBEX, which promised a 100 percent return on investment within 30 days, unexpectedly shut down. Several Nigerians discovered their digital wallets emptied, while the platform disabled withdrawals and closed its Telegram channels.

Reports suggest CBEX operated without proper licensing and displayed fake balances to deceive users. Many Nigerians now believe the platform functioned as a Ponzi scheme, using new investors’ funds to pay earlier ones. In a final attempt to exploit victims, CBEX demanded additional payments under the guise of a “verification” process.

In conclusion, Agama assured the public of the SEC’s commitment to investor protection, stating, “This new law allows us to get rid of bad actors and give Nigerians renewed confidence in the financial markets.”

Tags: CBEXCrypto FraudNigerianSEC
Abimbola Samuel

Abimbola Samuel

Experienced crypto writer with 2+ years of expertise. Skilled researcher and analyst delivering high-quality articles. Providing insightful perspectives on the latest crypto trends.

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