Despite facing allegations of a N1.2 trillion digital trading fraud that impacted over 600,000 Nigerians, the Crypto Bridge Exchange (CBEX) has resumed operations, introducing new withdrawal options to rebuild investor trust. Sources indicated that new registrations and trading activities have restarted, even as investigations by regulatory agencies continue. An external audit is in progress to determine the losses incurred when the platform collapsed in April. Existing investors will reportedly regain access to their funds starting June 25, 2025, contingent on the completion of the audit by a UK-based insurance firm. Following the SEC's declaration of CBEX as an illegal operation and ongoing inquiries by the EFCC, the platform's activities have been condemned. At least eight individuals linked to CBEX have been declared wanted for promoting the scheme. Despite regulatory warnings, new users are still being attracted to the platform by promises of quick profits, with reports indicating that withdrawal options have been reactivated. However, funds from previous accounts remain inaccessible, as alleged losses from a failed trade on April 14 led to significant financial damages. For restoration of accounts, CBEX requires users to reinvest a portion of their initial capital, suggesting a plan to recover losses and continue operations. While the platform aims to dispel fraud allegations, user skepticism and regulatory scrutiny continue to loom over its legitimacy.
Index to Nigerian Newspapers
