Crypto Bridge Exchange (CBEX) has resumed operations, despite a ban from the Securities and Exchange Commission (SEC) and a probe by the Economic and Financial Crimes Commission (EFCC) into alleged fraud amounting to N1.2 trillion.
The trading platform, which collapsed in April 2025, has started offering new withdrawal options in a bid to regain investor trust.
Several traders confirmed that CBEX has quietly resumed activities, allowing new users to register, trade, and withdraw funds.
The platform is currently undergoing an insurance verification and external audit to determine the full extent of the losses following its collapse.
It is expected that the audit will be completed by June 25, 2025, after which investors will be able to withdraw their funds.
The company had previously promised returns of 100% after 30 days of artificial intelligence-powered trading.
Since its inception in 2024, CBEX gained popularity among Nigerian investors, attracting over 600,000 users, many of whom are now reporting significant losses.
The platform ceased operations on April 14, 2025, and several individuals connected to the platform have been declared wanted by the EFCC, including key promoters of the scheme.
Despite these developments, fresh reports show that the platform is still drawing new investors, with some hoping to capitalize on the renewed activity.
Although new accounts are free to trade and withdraw profits, users with old accounts remain unable to access their funds due to the ongoing financial review.
According to sources, the platform is also working to address claims of fraud, stating that the collapse was the result of a failed trade, and funds remain intact, pending the audit.
While regulatory bodies, including the EFCC and SEC, continue to investigate the platform’s operations, CBEX maintained that its financial records are being audited to resolve discrepancies.
Additionally, it is claimed that users with old accounts will eventually be able to retrieve some of their funds starting June 25, 2025.
Meanwhile, fresh users are able to withdraw their earnings immediately.
Amid the ongoing investigation, the EFCC has also placed a foreign national, Elie Bitar, on its wanted list for his alleged involvement in the fraudulent activities associated with CBEX.
Further inquiries from regulatory agencies are expected as the investigation unfolds, while the Nigerian Financial Intelligence Unit (NFIU) has warned the public about engaging in unregulated digital asset investments that promise unrealistic returns.
