By Ghazali Ibrahim 
Despite being at the center of a staggering ₦1.2 trillion investment fraud scandal, the controversial Crypto Bridge Exchange (CBEX) has resumed operations, even as investigations by the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) are ongoing.
CBEX, a digital asset trading platform, is accused of defrauding over 600,000 Nigerians after luring them with promises of 100% returns within 30 days.
The scheme collapsed in April 2025, sparking public outcry and regulatory scrutiny.
In a shocking move, the promoters of CBEX have now announced a phased reopening.
They claim an external audit is underway by a UK-based insurance firm to verify the extent of investor losses, and have promised that withdrawals for existing investors will begin on June 25, 2025.
However, the resumption comes with new demands: CBEX is requiring previous investors to inject more money to reactivate their accounts.
According to the platform’s new terms, users with $1,000 previously invested must pay an additional $100, while those with more capital must contribute $200.
Meanwhile, new users can reportedly register and trade freely with full withdrawal access raising fresh suspicions that CBEX may still be operating in a Ponzi-like manner.
This development has alarmed both investors and regulators.
The EFCC has declared several individuals, including foreign national Elie Bitar, wanted in connection to the scheme.
The Nigerian Financial Intelligence Unit (NFIU) has also flagged CBEX and similar platforms, warning the public against participating in unregulated digital asset schemes that exhibit characteristics of Ponzi operations.
Authorities stress that registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not amount to regulatory approval by the SEC.
The SEC has reiterated its call for Nigerians to exercise extreme caution, verify the registration status of investment platforms, and avoid schemes promising unrealistic returns.
