April 21, 2025

CBEX: EFCC Distances Self From Platform’s Operations, Says ‘We’re Not Regulatory Agency For Online Businesses’

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By Kolawole Ojebisi

The Economic and Financial Crimes Commission has stated that it has no ties with Crypto Bridge Exchange, aka CBEX platform stressing that it is not a regulatory or clearing agency for online businesses in Nigeria.

The anti-graft agency made the clarification following revelation that the promoters of CBEX platform, operated under a company registered as ST Technologies International Limited.

ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.

According to reports, the promoters of the fraud convinced hundreds of thousands of investors to put money into the trading platform with the certificates.

Meanwhile in a post via its official X handle on Monday, the EFCC distanced itself from endorsing or approving the platform.

“The EFCC is not a clearing house or regulatory authority of online businesses,” the commission stated.

The agency also stated that ST Technologies and not CBEX is registered with the Special Control Unit against Money Laundering in compliance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.

It explained that registration with SCUML is mandatory for all Designated Non-Financial Businesses and Professions as part of Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism framework.

The statement added, “ST Technologies( not CBEX) registered with the Special Control Unit against Money Laundering, SCUML in line with Section 17 of the Money Laundering( Prevention & Prohibition) Act, 2022.

“Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions, DNFBPs, in Nigeria in consonance with Nigeria’s Anti-Money Laundering/ Control of Financing Terrorism, AML/CFT regime.”

Despite not being a regulator of online platforms, the EFCC emphasised that financial fraud falls squarely within its mandate and assured the public of its determination to bring perpetrators of the CBEX scam to justice.

“But financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,” EFCC said.

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