The Securities and Exchange Commission (SEC) has warned the public that it is illegal to use unregistered digital investment platforms, as concerns mount over the rising popularity of such platforms.
This comes amidst the rumors of closure of the platforms over the inability of users to withdraw their funds over the weekend.
Speaking during a virtual engagement with fintech stakeholders on the Investment and Securities Act (ISA 2025) on Monday, the Director General of the SEC, Emomotimi Agama, warned Nigerians against patronizing unregistered platforms.
“Very recently, there has been a post that has gone viral around a particular platform and the activities of such platforms. And of course, the aftermath of it is further news of their closure and all of that.
“In fact, I was tagged in one of those messages. I want to state it very clearly. If it is not registered, it is illegal,” Agama stated without directly mentioning the platform.
Social media was abuzz on Friday following concerns about the operations of CBEX with several users warning that it shows signs of being a Ponzi scheme.
The concerns stem from the inability of some users to withdraw, sparking fears that the scheme might have crashed.
However, some users insist that the platform was still functioning, although withdrawals were currently not possible due to the platform’s rules and regulations.
CBEX prides itself as an investment platform that gives users 100% return on investment in one month, and “investments” are only in USD. Users also get bonus for referral.
