Embattled cryptocurrency trading platform CBEX has quietly resumed operations, sparking fresh controversy and cautious optimism among investors as the platform reels from an alleged ₦1.2 trillion investment fraud that rocked over 600,000 Nigerians.
Despite an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) and a public warning from the Securities and Exchange Commission (SEC) branding it as illegal, CBEX has reopened its platform to new registrations, trading activities, and profit withdrawals.
According to a Punch report, two active users of the platform confirmed the company’s partial return, revealing that operations are being conducted under low public visibility. They added that while new users can begin trading immediately, existing investors—many of whom have been unable to access their locked funds since April—will have to wait until June 25, 2025, for withdrawals. This date coincides with the expected completion of an independent audit by a UK-based insurance firm.
The audit and insurance verification process, according to insiders, are designed to determine the full extent of losses suffered after CBEX’s collapse on April 14, 2025.
CBEX gained traction in 2024 by promising investors a 100% return within 30 days, allegedly using AI-driven trading technology. The firm was registered with the Corporate Affairs Commission on September 25, 2024, and later cleared by the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
The company’s dramatic collapse left hundreds of thousands of Nigerians in financial distress and triggered a storm of regulatory and criminal investigations.
As the June deadline approaches, investors and industry observers remain skeptical, with many questioning whether CBEX’s latest move is a step toward restitution or another phase in a complex scheme.
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