Fraud-Tied Crypto Exchange CBEX Resumes Registration, Trading Amid Fraud Claims in Kenya and Nigeria
Crypto Bridge Exchange (CBEX), a digital investment platform previously implicated in fraud across Kenya, Nigeria, and other countries, has resumed operations despite ongoing investigations. The platform initially attracted wide attention by offering unusually high returns, promising up to 100% profit within 30 days through so-called AI-driven trading strategies.
CBEX was officially registered with Nigeria’s Corporate Affairs Commission on September 25, 2024, and later with the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering on January 16, 2025. However, it failed to register with the Securities and Exchange Commission (SEC), a legal requirement for platforms dealing with securities and investments.
In April 2025, CBEX abruptly restricted withdrawals. This action triggered panic among investors in both Nigeria and Kenya, leading to widespread criticism and concern on social media and other platforms. On April 14, 2025, Nigeria’s SEC declared CBEX illegal, citing its failure to register and its apparent breach of the Investment and Securities Act (ISA 2025).
The EFCC subsequently launched a high-level investigation in collaboration with international law enforcement agencies, including Interpol and the FBI. Investigators are currently tracing funds suspected to have been funneled through cryptocurrency wallets across multiple jurisdictions. Four Kenyan nationals are reportedly wanted by the EFCC in connection with the alleged fraud.
Despite this regulatory pressure and the active investigations, CBEX resumed operations on May 1, 2025. According to reports from Punch Nigeria, traders confirmed that new users are now able to register, trade, and withdraw funds on the platform. However, existing investors—many of whom suffered losses due to frozen accounts—have not regained access to their funds. This selective reactivation has raised further concerns about the platform’s motives.
Several Nigerian commentators have expressed skepticism. One user remarked that some investors may still fall victim due to greed, while another warned of the risks of reinvesting in a platform under active investigation.
In Kenya, the Capital Markets Authority (CMA) responded by warning the public against using unregulated platforms. The CMA emphasized that platforms offering unrealistic profits, such as 100% returns in 30 days, are likely fraudulent. It urged investors to verify registration status, physical addresses, and to be cautious of platforms that rely heavily on aggressive marketing through social media channels like WhatsApp, Telegram, and Facebook.
CBEX remains under regulatory scrutiny in both countries.
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Fraud-Tied Crypto Exchange CBEX Resumes Registration, Trading Amid Fraud Claims in Kenya and Nigeria
