Cryptocurrency exchange CBEX has resumed operations despite an ongoing ban by the Securities and Exchange Commission (SEC) and a high-profile N1.2 trillion probe by the Economic and Financial Crimes Commission (EFCC).
In a bold move, the platform announced new withdrawal options in what it claims is an effort to “restore investor confidence.” The development comes months after regulatory crackdowns halted its activities over allegations of financial misconduct and investor fraud.
The SEC had earlier suspended CBEX’s operations, citing violations of capital market regulations, while the EFCC launched an investigation into claims that the platform defrauded investors of over N1.2 trillion.
Despite these legal challenges, CBEX has reactivated its services, prompting mixed reactions from stakeholders. While some users welcomed the return, others expressed scepticism, demanding transparency and accountability.
Financial analysts warn that the exchange’s decision to resume operations without regulatory clearance could escalate tensions with authorities and deepen investor distrust in Nigeria’s crypto market.
The SEC and EFCC are yet to issue official statements regarding CBEX’s latest move.
More details to follow
