SEC Warns Against CBEX, Declares Unregistered Digital Platforms Illegal

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The Securities and Exchange Commission (SEC) has strongly warned Nigerians, urging the public to avoid unregistered digital asset platforms and declaring them illegal under Nigerian law. This comes amid rising concerns over CBEX, a controversial trading platform whose users have reported an inability to withdraw funds.
During a virtual session on the Investment and Securities Act (ISA) 2025, SEC Director General Emomotimi Agama highlighted the dangers of engaging with unregulated platforms, cautioning against platforms that make unrealistic promises such as 100% monthly returns in USD and referral bonuses.
While CBEX denies it has collapsed, blaming withdrawal delays on internal policies, social media is awash with panic. Many users fear the platform may be a Ponzi scheme in disguise.

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