The Economic and Financial Crimes Commission (EFCC) has categorically denied being a regulatory or clearing agency for online business platforms, in response to widespread public concern surrounding the controversial activities of Crypto Bridge Exchange (CBEX). The anti-graft agency issued this clarification following the unravelling of a massive investment scam allegedly perpetrated by promoters of CBEX, which left hundreds of thousands of Nigerians in financial distress.
The EFCC disclosed that CBEX was not registered directly with the Commission but rather operated under ST Technologies International Limited—a company incorporated with the Corporate Affairs Commission (CAC) on September 25, 2024. Furthermore, ST Technologies was registered with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025, a statutory requirement for Designated Non-Financial Businesses and Professions (DNFBPs) under the Money Laundering (Prevention and Prohibition) Act of 2022.
In an official statement posted via the Commission’s verified X (formerly Twitter) handle, the EFCC clarified:
“The EFCC is not a clearing house or regulatory authority of online businesses.”
This disclaimer comes in light of reports suggesting that the CBEX platform falsely used certificates from CAC and SCUML to portray itself as a government-approved investment platform. Investigations by ireport247new.com revealed that these documents were strategically deployed to win public trust and lure unsuspecting investors.
The Commission stressed that while ST Technologies was duly registered under SCUML, such registration does not equate to operational approval for investment schemes or digital trading platforms.
“ST Technologies (not CBEX) registered with SCUML in line with Section 17 of the Money Laundering (Prevention & Prohibition) Act, 2022. This registration is mandatory for all DNFBPs in Nigeria and forms part of the country’s anti-money laundering and counter-terrorist financing measures,” the EFCC noted.
While distancing itself from the legitimacy of CBEX’s business operations, the EFCC reaffirmed that financial crimes, including fraudulent investment platforms, remain firmly within its jurisdiction.
“Financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam.”
So far, several victims have taken to social media and legal avenues to demand restitution, while advocacy groups are calling for swift government action to regulate online financial platforms and protect the investing public.
The EFCC’s response underscores the growing challenges in Nigeria’s fintech and online investment space, where fraudsters exploit regulatory gaps and digital anonymity to orchestrate large-scale financial schemes.
Experts have advised that the public should always verify the legitimacy of any online investment platform with the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), or other relevant regulatory bodies, rather than relying solely on business registration or SCUML compliance.
As the investigation continues, the EFCC has urged anyone with information or who may have fallen victim to CBEX to come forward and cooperate with law enforcement to ensure justice is served.