CBEX Crypto Platform Back Online, Even as EFCC, SEC Say “It’s Illegal!”
Despite being under investigation for a N1.2 trillion scam, the popular online trading platform, CBEX, has quietly started working again.
Over 600,000 Nigerians reportedly lost money when CBEX crashed in April 2025. People were promised 100% profit in just 30 days through “AI trading.” But suddenly, all the money vanished.
Now, despite a ban from Nigeria’s Securities and Exchange Commission (SEC) and an ongoing probe by the Economic and Financial Crimes Commission (EFCC), CBEX is back in business and allowing people to register, trade, and even make withdrawals again.
Two users told The PUNCH that CBEX is letting new users trade and cash out their profits. However, older users who already lost money can’t withdraw yet. According to CBEX, those users will only get part of their money back starting from June 25, 2025, after an insurance audit from a UK-based company is completed.
CBEX’s owners claim the trading crash happened because the system’s AI (Artificial Intelligence) lost control and wiped out the money. Now, they’re saying the platform is insured and users can get compensated but they have to pay again to “unlock” their old accounts.
Here’s what they’re asking:
If you lost money, and your original investment was $1,000 or less, you must pay $100 to get your balance restored.
If you had more than $1,000, you’ll need to pay $200.
Starting June 25, you may withdraw 50% of your original capital.
The rest can be withdrawn from August 25—but only if you complete the “insurance verification.”
Meanwhile, new users who just joined can trade and withdraw money immediately without any restrictions.
CBEX says it is not a scam, and the money is still there. The company claims that the April crash happened because the trading system was hacked by professionals, not just by random people. They said, “Our system was attacked, and that’s what caused the loss.”
But regulators disagree.
The EFCC has declared 8 people wanted for promoting CBEX, including Adefowora Olanipekun and Emmanuel Uko.
A man named Adefowora Abiodun, who was leading traders on the platform, has surrendered to the EFCC for questioning.
The SEC and Nigerian Financial Intelligence Unit (NFIU) have warned Nigerians to stay away from CBEX and other risky platforms promising “unrealistic returns.”
The NFIU also listed other dangerous platforms like:
eWealth Connect (EWC)
WWCoin (also called TOFRO)
Delux
ADK
They said these platforms show signs of Ponzi and pyramid schemes, where money is paid to old users using new users’ deposits until everything crashes.
The SEC boss, Dr. Emomotimi Agama, warned that just because a company is registered with CAC or EFCC doesn’t mean it’s legal to take people’s money.
“If it’s too good to be true, then it’s probably a scam,” he said.
Agama also said the new Investments and Securities Act now allows the government to fine scammers ₦20 million and jail them for up to 10 years.
Meanwhile, a foreign man named Elie Bitar has been declared wanted by the EFCC for helping promote CBEX. His last known address is in Lekki, Lagos, and anyone with information is asked to contact EFCC.
Despite all these warnings, Nigerians are still joining CBEX, hoping to recover their money or make quick profits. In fact, CBEX even created a new Telegram group, giving out trading codes and referral bonuses.
But experts say this is a dangerous gamble especially when the platform is under criminal investigation in Nigeria and the UK.
KEY WARNING SIGNS OF A SCAM: Promises of fast and huge returns (e.g. “100% profit in 30 days”)
High withdrawal fees
Focus on bringing in new people (referrals)
No clear explanation of how profits are made
Fake celebrity endorsements or fake documents
Pressure to “act fast” or “don’t miss out”
BOTTOM LINE:
Be very careful. Don’t fall for get-rich-quick traps. Always
Reference
CBEX Crypto Platform Back Online, Even as EFCC, SEC Say “It’s Illegal!”