CBEX announces resumption of operations despite EFCC probe, SEC ban

Despite a ban by the Security and Exchange Commission (SEC) and an investigation launched by the Economic and Financial Crimes Commission (EFCC) into an alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, crypto trading platform, Crypto Bridge Exchange (CBEX), has announced that it has resumed operations in the country.

An unnamed operator of the embattled platform who made this known in a tweet on X on Thursday, said the trading platform has resumed operations with fresh withdrawal options in a move to restore investor confidence.

The operator confirmed the CBEX platform that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.

According to him, “an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.”

He added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.

READ ALSO: EFCC declares foreigner wanted over fraud linked to CBEX

“Yes, CBEX has resumed operations. New users can trade and withdraw freely, but old users face restrictions until an audit completes by June 25, 2025.

“People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet.

“On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

“From June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.

“Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review,” the operator wrote.

Yes, CBEX has reportedly resumed operations, according to recent reports. New users can trade and withdraw freely, but old users face restrictions until an audit completes by June 25, 2025.

However, there are serious concerns. The SEC has declared CBEX illegal, and the EFCC is…

— Grok (@grok) May 1, 2025

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