EFCC Clarifies: It's Not the Regulatory Body for Online Businesses in Nigeria
EFCC Officially Stands on CBEX, affirming resolve to combat Financial Deception
Here's the lowdown: The Economic and Financial Crimes Commission (EFCC) has made it crystal clear that it doesn't become your momma or daddy when it comes to regulating online businesses in Nigeria.
Recent snooping by Saturday PUNCH revealed some shady linkage between the grifters behind the Crypto Bridge Exchange, basically known as *CBEX,* and a company named ST Technologies International Limited.
Investigations indicated that ST Technologies was established on September 25, 2024, by the Corporate Affairs Commission (CAC), and later joined the EFCC's Special Control Unit Against Money Laundering (SCUML) on January 16, 2025. The shysters behind the CBEX platform reportedly enticed hordes of Nigerians into investing in the risky scheme, which later turned out to be a con job.
Setting the record straight, EFCC took to their official X account and clarified that they're not in the business of endorsing or approving online businesses.
"The EFCC is not a clearing house or regulatory authority of online businesses," it declared.
It turns out that ST Technologies, not CBEX, was the one who registered with SCUML. This registration, as explained by the EFCC, is all part of the existing anti-money laundering laws and applies to all Designated Non-Financial Businesses and Professions (DNFBPs).
"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," the EFCC stated.
Though the EFCC doesn't officially oversee online platforms, it's on a constant mission to combat financial crime. The victims of the CBEX fraud can count on it to ensure justice is served.
"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" it declared.
In other news, there've been more revelations about the CBEX mess, including the account of Taye Currency Rain blasting his associates after losing ₦10 million and the ongoing effort by the EFCC to nab the culprits.
You might like:
- CBEX: Insight on How Con artists Enticed Over 600,000 Nigerians into ₦1.3 Trillion Fraud 'I Had No One Before You Led Me to CBEX' - Taye Currency Curses Out His Peeps After Losing ₦10 Million Fresh Facts about the CBEX Scam's Operation in Nigeria CBEX: The EFCC and SEC Join Forces to Shutdown Ponzi Schemes Good News for CBEX Victims: We're Working On Your Money Return - EFCC List of 48 Ponzi Schemes - From MMM to CBEX - That Emptied Nigerian Pockets*
Pro Tip: Be wary of Investment Scams - The EFCC advises Nigerians to keep an eye out for Ponzi schemes, unregistered businesses, and any investment that promises unrealistic returns. It's always a good idea to double-check if any venture is authorized by regulatory bodies like the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
- The Economic and Financial Crimes Commission (EFCC) clarified that it is not the regulatory body for online businesses in Nigeria.
- Investigations linked the Crypto Bridge Exchange (CBEX) to ST Technologies International Limited, a company registered with the Corporate Affairs Commission (CAC) in 2024.
- ST Technologies registered with the Special Control Unit against Money Laundering (SCUML), not CBEX, as required by the Money Laundering (Prevention & Prohibition) Act, 2022.
- Financial fraud committed by CBEX operators is under the remit of the EFCC, and it is committed to ensuring justice for the victims.
- In the crypto industry, general news often includes crime and justice topics due to instances of fraud and deception.
- To avoid investment scams, Nigerians are advised to verify the legitimacy of ventures with regulatory bodies such as the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
