- CBEX Not Registered: SEC confirms CBEX digital trading platform is not registered, making it an illegal operation.
- Investor Warning: SEC warns investors to be cautious of unregistered schemes, emphasizing investor protection through registration and regulation.
- Investigation and Penalties: SEC plans to investigate and hunt down those involved, with penalties including up to 10 years imprisonment and fines.
- SEC’s Role: Commission aims to foster transparency and trust in the market, eliminating fraudulent operators and promoting investor confidence.
The Securities and Exchange Commission (SEC) in Nigeria has confirmed that CBEX, a digital asset trading platform, is not registered with the commission. This makes it an illegal operation, and the SEC has warned investors to be cautious of unregistered schemes.
The SEC’s Director-General, Dr. Emomotimi Agama, emphasized that investor protection stems from registration and regulation. He stated that the commission would investigate and hunt down those involved in the CBEX scheme, with penalties including up to 10 years imprisonment and fines.
The SEC’s actions come amid growing concerns from users who reported difficulties withdrawing funds from CBEX, sparking speculation about the platform’s legitimacy. The commission aims to foster transparency and trust in the market, eliminating fraudulent operators and promoting investor confidence.
The SEC’s investigation and potential penalties serve as a warning to other unregistered platforms operating in Nigeria. The commission’s efforts aim to protect investors and maintain the integrity of the financial market.
