The Securities and Exchange Commission (SEC) has warned Nigerians to stay away from CBEX and other investment platforms that are not registered with the government.Â
This warning came after many Nigerians said they couldn’t withdraw their money from CBEX, leading to panic and fears that the platform may have shut down.
Concerns grew over the weekend when several users of CBEX, a digital asset platform promising large profits, reported that their withdrawal requests were unsuccessful.
 These reports spread quickly online, with many people saying CBEX looked like a Ponzi scheme.
 Others, however, insisted the platform was still working and blamed the problem on policy changes.
CBEX promotes itself as a platform where people can invest in dollars and get double returns in just 30 days.
 It also offers bonuses to users who bring in new members. But checks show that CBEX is not listed in the SEC’s official database, raising more suspicion about its operations.
On Monday, the SEC held a virtual meeting with players in the financial technology space to discuss the new Investment and Securities Act of 2025.
 During the meeting, the SEC’s head, Emomotimi Agama, said any platform not registered with them is operating illegally.
Though he did not mention CBEX by name, the message was clear.
With the new law now in place, the SEC has more power to deal with platforms that mislead the public.
 This includes cracking down on Ponzi schemes, unregistered crypto exchanges, and those who promote fake tokens.
 Agama also spoke about the role of public figures and influencers, warning them to avoid promoting investments that could hurt Nigerians.
Before now, the SEC faced challenges in dealing with Ponzi scheme promoters because of gaps in the law.
But with the updated act, anyone found guilty of running such scams may be sent to jail for up to 10 years and fined up to N40 million.
The SEC said it will continue to go after fake investment schemes to clean up the market and help Nigerians feel safer about where they put their money.
