Despite being at the centre of a ₦1.2 trillion alleged digital trading fraud affecting over 600,000 Nigerians, embattled cryptocurrency trading platform Crypto Bridge Exchange (CBEX) has resumed operations, quietly reintroducing withdrawal options in a bid to regain investor confidence.
Two traders confirmed to The PUNCH on Wednesday that CBEX is once again allowing users to register, trade, and withdraw profits—despite ongoing investigations by financial regulatory bodies.
According to sources familiar with the matter, the platform is currently undergoing an insurance verification process alongside an external audit to determine the exact amount lost following its collapse in April.
The audit is being conducted by a UK-based insurance firm and is expected to be completed by 25 June 2025. At that point, existing investors—many of whom have been locked out of their funds for weeks—are expected to regain access.
The surprise return of CBEX comes just weeks after the Securities and Exchange Commission (SEC) declared the platform illegal, and the Economic and Financial Crimes Commission (EFCC) confirmed that it was actively investigating the company’s activities.
Launched in 2024, CBEX positioned itself as a digital investment solution, promising investors a staggering 100 per cent return within 30 days through the use of artificial intelligence trading systems. The company was formally registered with the Corporate Affairs Commission on 25 September 2024 and received approval from the EFCC’s Special Control Unit Against Money Laundering on 16 January 2025.
However, the scheme collapsed abruptly on 14 April 2025, leaving over 600,000 Nigerian investors in limbo and sparking one of the largest financial scandals in the country’s recent history.
As regulatory scrutiny intensifies, industry observers have warned users to remain cautious, noting that resumption of operations does not equate to regulatory clearance or assurance of legitimacy.
