The Economic and Financial Crimes Commission (EFCC) has made it clear that it does not regulate or approve online business platforms in Nigeria.
This clarification comes after a growing controversy surrounding the Crypto Bridge Exchange (CBEX), a platform accused of misleading thousands of Nigerians into investing in what appears to be a fraudulent scheme.
Investigations showed that CBEX was operating under a company named ST Technologies International Limited.
According to findings, ST Technologies was officially registered with the Corporate Affairs Commission (CAC) on September 25, 2024. The company also got listed with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025. However, this registration, EFCC says, does not mean CBEX was approved or endorsed by them.
In a post shared through its official X (formerly Twitter) account, the commission noted, “The EFCC is not a clearing house or regulatory authority of online businesses.”
Further details show that fraudsters used these certificates to gain public trust and attract funds from unsuspecting investors. Many of these investors believed the platform was secure due to its registration records.
The EFCC explained that ST Technologies, not CBEX directly, was the entity registered with SCUML, and such registration is only a legal requirement under Nigeria’s anti-money laundering laws. “ST Technologies (not CBEX) registered with the Special Control Unit against Money Laundering, SCUML, in line with Section 17 of the Money Laundering (Prevention & Prohibition) Act, 2022,” the agency noted.
It further stated that registration with SCUML is mandatory for all businesses that fall under the category of Designated Non-Financial Businesses and Professions (DNFBPs). This is part of Nigeria’s effort to track and combat money laundering and the financing of terrorism.
Despite the EFCC not being responsible for regulating online investment platforms, the commission assured Nigerians that it is already working to bring those behind the CBEX fraud to justice.
“But 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 added.
