The Economic and Financial Crimes Commission (EFCC) has clarified that it is not a regulatory or clearing agency for online businesses, in response to recent reports surrounding the Crypto Bridge Exchange (CBEX) platform.
In a statement shared via its official social media handle, the EFCC distanced itself from endorsing or approving the CBEX platform, which had attracted thousands of investors.
The platform operated under ST Technologies International Limited, a company registered with the Corporate Affairs Commission (CAC) in September 2024 and with the Special Control Unit Against Money Laundering (SCUML) in January 2025.
The commission explained that ST Technologies, not CBEX, is registered with SCUML, as part of the mandatory registration for Designated Non-Financial Businesses and Professions (DNFBPs) under Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism framework.
This requirement is in compliance with the Money Laundering (Prevention and Prohibition) Act, 2022.
“The EFCC is not a clearing house or regulatory authority of online businesses,” the statement stated, emphasizing that registration with SCUML is a statutory obligation for companies in specific sectors, but it does not imply the EFCC’s endorsement of their operations.
Despite not regulating online businesses, the EFCC highlighted its commitment to addressing financial fraud, which falls under its jurisdiction.
It reaffirmed its determination to bring those responsible for the CBEX scam to justice.
“Financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,” the EFCC concluded.
The commission’s clarification comes as the CBEX platform has been accused of defrauding numerous investors, with some promoters reportedly convincing individuals to invest large sums of money with false assurances.
