The Security and Exchange Commission ( SEC) has called for the freezing of bank accounts belonging to Crypto Bridge Exchange ( CBEX ) and other defenders with commercial banks or other financial institutions in Nigeria.
The call is contained in yesterday’ s statement from SEC and made available to Journalists in Abuja.
It said, “In the case of IST/OA/ 02/2025, Securities and Exchange Commission & Amor V Crypto Bridge Exchange ( CBEX ) and 25 others which is the first of the 6th Tribunal presided over by Hono Aminu Jinadu, Chairman, Investment and Securities Tribunal , SEC also urged the Tribunal to seize the houses and other assets of the defendants acquired from the proceeds of the monies invested by the general public in the CBEX scheme acting as digital assets performs Capital Market Operations .
“SEC in its’ plea maintained that CBEX is an unregistered platforms promising it’s users 100 percent return on investments within 30 days which is unlawful and contrary to Section 3 ( b) of the investments and Securities Act, 2025.
The Commission further revealed that the Securities and Future Commission of Hong- Kong had on April 23rd, 2024 issued an advisory note against CBEX, stating that it is a suspicious virtual asset company and adopted a name that was similar to that of a prosperity rights trading organisation based in China when in fact, they are not associated in any way
However, the Tribunal ordered that hearing notice be served on CBEX via National Newspapers because CBEX who are the defenders in the case did not appear nor were they represented in court.
“CBEX earlier launched in Nigeria around July 2024, operating through awareness and mobile app, claimed to use advanced Artificial Intelligence (AI) to generate significant profits from Crypto trading , promising returns of upton 100 per cent within a 40-to-45 day lock in period.
“CBEX also known as ( Crypto Bridge Exchange) was exposed as a Ponzi Scheme leading to an estimated loss of over N1.3 trillion ( approximately $800 millions) for investors.
The Chairman, Investment and Securities Tribunal also presided over the following cases— The Benue investments Property Co. Ltd & AnorV First Registrar & Investors Services LTD & Amor and Securities and Exchange Commission and Anor V Tourist Company of Nigeria Plc and 6 Ors.
The cases were adjourned to January 27,2026.
