The Economic and Financial Crimes Commission has clarified that it is not a regulatory or clearing agency for online businesses in Nigeria.
Findings by Saturday PUNCH revealed that the promoters of Crypto Bridge Exchange, aka CBEX platform, operated under a company registered as ST Technologies International Limited.
ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.
The report added that promoters of the fraud convinced hundreds of thousands of investors to put money into the trading platform with the certificates.
The agency also stated that ST Technologies and not CBEX is registered with the Special Control Unit against Money Laundering in compliance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
It explained that registration with SCUML is mandatory for all Designated Non-Financial Businesses and Professions as part of Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism framework.
The statement added, “ST Technologies( not CBEX) registered with the Special Control Unit against Money Laundering, SCUML in line with Section 17 of the Money Laundering( Prevention & Prohibition) Act, 2022.
“Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions, DNFBPs, in Nigeria in consonance with Nigeria’s Anti-Money Laundering/ Control of Financing Terrorism, AML/CFT regime.”
Despite not being a regulator of online platforms, the EFCC emphasised that financial fraud falls squarely within its mandate and assured the public of its determination to bring perpetrators of the CBEX scam to justice.
“But financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,” EFCC said.
