EFCC Breaks Silence On CBEX! Vows To Crush All Forms Of Financial Fraud

The Economic and Financial Crimes Commission (EFCC) has clarified that it is not a regulatory or approval authority for online businesses in Nigeria.

This statement comes in the wake of a Saturday PUNCH investigation, which revealed that the operators of the Crypto Bridge Exchange (CBEX) were linked to a company named ST Technologies International Limited.

According to the report, ST Technologies was officially registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and later enlisted with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.

CBEX promoters allegedly used the company’s official registration documents to convince numerous Nigerians to invest in what ultimately turned out to be a fraudulent scheme.

In a post shared on its official (Twitter) account, the EFCC distanced itself from any form of endorsement or approval of the platform.

“The EFCC is not a clearing house or regulatory body for online ventures,” the agency stated.

The Commission further clarified that it was ST Technologies—not CBEX—that registered with SCUML. This registration, they explained, is a legal requirement under Nigeria’s anti-money laundering framework, applicable to all Designated Non-Financial Businesses and Professions (DNFBPs).

“ST Technologies (not CBEX) registered with the Special Control Unit against Money Laundering, SCUML, in accordance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the EFCC emphasized.

Though the EFCC does not oversee or license digital platforms, it reaffirmed its commitment to fighting all forms of financial crime and promised to pursue justice for those affected by the CBEX scam.

“Financial fraud in any form falls squarely within the EFCC’s mandate, and the Commission is dedicated to ensuring justice for the victims of the CBEX fraud,” it added.