The Economic and Financial Crimes Commission (EFCC) has publicly clarified that it is neither a regulatory body nor an approval authority for online businesses operating in Nigeria.
This clarification follows widespread concern surrounding the operations of Crypto Bridge Exchange, also known as CBEX, a trading platform allegedly used to defraud thousands of investors. According to the EFCC, the platform was promoted under the company ST Technologies International Limited, which was legally registered with the Corporate Affairs Commission (CAC) on September 25, 2024.
Additionally, ST Technologies was enrolled with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025, in accordance with national anti-money laundering protocols.
However, the anti-graft agency emphasized in a post via its official X (formerly Twitter) account that the public should not misconstrue the registration of a business with SCUML as an endorsement or clearance by the EFCC.
“The EFCC is not a clearing house or regulatory authority of online businesses,” the Commission wrote.
This statement comes amid reports that the promoters of CBEX used registration certificates from CAC and SCUML to gain the trust of unsuspecting investors, many of whom eventually lost large sums of money.
The Commission further clarified that it was ST Technologies, not CBEX, that is registered with SCUML registration which is a legal requirement under Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria in consonance with the country’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework,” the EFCC explained.
Despite not being responsible for regulating online platforms, the Commission reaffirmed its commitment to investigating and prosecuting financial crimes. It assured the public that the individuals behind the CBEX scheme would be brought to justice.
“Financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,” the EFCC concluded.
