The embattled digital trading platform, Crypto Bridge Exchange (CBEX), has resumed operations barely weeks after being banned by Nigeria’s Securities and Exchange Commission (SEC) and coming under investigation by the Economic and Financial Crimes Commission (EFCC) over an alleged N1.2 trillion investment fraud.
Two CBEX traders confirmed to The PUNCH on Wednesday that the platform has quietly reactivated account registration, trading, and profit withdrawals for new users—despite an active probe involving over 600,000 Nigerian investors.
The controversial resumption includes new withdrawal protocols and promises of capital restoration to affected users. CBEX is also reportedly undergoing an external audit and insurance verification process by a UK-based firm, expected to conclude by June 25, 2025. Existing investors will then be allowed to withdraw up to 50% of their locked capital.
This development follows the platform’s collapse on April 14, when a failed Artificial Intelligence (AI) trading operation allegedly wiped user funds. CBEX had promised investors a 100% return on capital within 30 days, luring thousands into what authorities now suspect to be a Ponzi scheme.
In reaction to the crash, the EFCC declared eight individuals wanted, including promoters Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, and Adefowora Olanipekun. On Monday, a key promoter, Adefowora Abiodun, voluntarily turned himself in to the anti-graft agency for interrogation.
Despite this, users continue to join the platform. Sources say only old accounts remain inaccessible pending the conclusion of the audit, while new users are reportedly trading and withdrawing funds freely.
“The promoters say the platform is insured,” one source told The PUNCH. “Old users must inject fresh capital—$100 for balances under $1,000, or $200 for balances over $1,000—to have their accounts restored.”
CBEX insists the April crash was due to a cyberattack that compromised its AI trading algorithm, not fraud. Admins on CBEX’s Telegram group claim the event was “organized and premeditated,” with investigations ongoing in the UK. They dismissed allegations of fund diversion as “slanderous rumours.”
A new trading model has also been introduced, where users manually input trade codes shared in Telegram groups, shifting away from automated trading blamed for the April collapse.
The platform remains registered in the UK, where its parent company is said to be based, though operations have extended to Kenya, South Africa, and Egypt. Users are required to go through an insurance verification process before compensation can be issued.
Meanwhile, the SEC has reiterated its warning against unregulated digital investment platforms. The EFCC, led by Chairman Ola Olukoyede, continues to probe the platform’s operations and determine the true scale of the alleged fraud.
As of press time, neither CBEX nor its top promoters have issued an official statement addressing the regulatory warnings or the continued inflow of new investors despite widespread losses.
