The Securities and Exchange Commission (SEC) has reacted to the operations of CBEX, a digital asset trading platform in Nigeria, saying any of such platform not registered with the SEC is illegal.
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.
