The Securities and Exchange Commission (SEC) has clamped down on some ponzi schemes in Nigeria over illegal operations, warning the public against unregistered investment schemes, such as Crypto Bridge Exchange (CBEX) and ST Technologies International Limited, also known as Smart Treasure or Super Technology.
The Commission noted that neither CBEX nor ST Technologies International Ltd (operating as Smart Treasure/Super Technology) is registered with the SEC or authorized to offer investment-related services to the Nigerian public.
In a statement, the SEC stated that the warning became necessary following media reports that CBEX, operating under the corporate identity of ST Technologies International Ltd, has resumed operations across Nigeria.
According to the reports, CBEX promoters are allegedly demanding $200 from subscribers with balances above $1,000 and $100 from those with less than $1,000 before processing any withdrawals.
The SEC revealed that enforcement action has already been initiated against CBEX and its promoters due to their previous unauthorised investment activities.
“The Commission is collaborating with relevant law enforcement agencies to thoroughly investigate CBEX and ST Technologies International Ltd and will take appropriate actions, in line with the provisions of the Investments and Securities Act, 2025,” the statement read.
Reiterating its commitment to investor protection and maintaining market integrity, the SEC advised the public to verify the registration status of investment platforms via its dedicated portal: www.sec.gov.ng/cmos before engaging in any transactions.