SEC Declares Unregistered Digital Asset Platforms Illegal Amid CBEX Controversy
The Securities and Exchange Commission (SEC) has issued a warning regarding the operations of digital asset trading platforms in Nigeria, emphasizing that any such platform not registered with the Commission is operating illegally. This statement comes in the wake of growing concerns about CBEX, a digital asset platform reportedly facing operational issues, including users being unable to withdraw funds over the weekend. Rumors of its potential closure have circulated widely online. Speaking during a virtual stakeholders’ engagement on the Investment and Securities Act (ISA 2025) held on Monday, SEC Director General Emomotimi Agama addressed the situation, cautioning Nigerians against using unlicensed investment platforms. “Very recently, there has been a post that has gone viral around a particular platform and its activities. The aftermath of it has been more reports about its closure,” Agama said. “In fact, I was tagged in one of those messages. I want to state very clearly—if it is not registered, it is illegal.” While Agama did not directly name CBEX, his comments align with the growing scrutiny surrounding the platform’s operations. The SEC’s warning comes as part of broader efforts to protect investors and ensure compliance with Nigeria’s evolving regulatory framework for digital finance.
