The Economic and Financial Crimes Commission has dissociated itself from the embattled Crypto Bridge Exchange (CBEX), warning the public that it does not certify or regulate online investment platforms.
The agency’s reaction follows a growing outcry over alleged fraudulent activities tied to CBEX, which operated under the name ST Technologies International Limited. Investigations reveal the company was registered with Nigeria’s Corporate Affairs Commission in September 2024 and later listed with the EFCC’s Special Control Unit Against Money Laundering (SCUML) this January.
However, EFCC clarified that registration with SCUML is a legal requirement, not an endorsement, and applies to Designated Non-Financial Businesses and Professions under Nigeria’s anti-money laundering laws.
Via a post on its official X handle, the commission stated: “The EFCC is not a clearing house or regulatory authority of online businesses.”
While distancing itself from the company’s activities, the EFCC stressed that cases involving financial fraud fall squarely within its jurisdiction. It assured the public that it would hold those behind the CBEX operations accountable.
Hundreds of Nigerians are believed to have lost substantial sums to the platform, which leveraged official-looking documentation to gain public trust.
The Commission reaffirmed its commitment to justice, saying, “The EFCC remains focused on investigating and prosecuting all parties involved in the CBEX scam.”
