The embattled cryptocurrency bridge and trading platform, CBEX, has resumed operations, introducing new withdrawal options in an effort to regain investor trust, despite being linked to a reported N1.2 trillion digital trading fraud affecting over 600,000 Nigerians.
As reported by Punch, two traders confirmed that CBEX has discreetly reopened its platform, allowing new users to register, trade, and withdraw profits—even as regulatory investigations continue.
ALSO READ: Court sentences Portable to three months imprisonment
Sources indicated that the company is currently undergoing an insurance verification process and an independent audit of its financial records to determine the total losses from the scheme, which collapsed in April.
They also revealed that existing investors, many of whom have been locked out of their funds for weeks, will be able to start making withdrawals from June 25, 2025, following the conclusion of the audit by a UK-based insurance firm.
- FOLLOW US ON INSTAGRAM: Get the most important news on your social media feed
- FOLLOW US ON FACEBOOK: Get the most important news on your social media feed
- FOLLOW US ON X: Get the most important news on your social media feed
This development came just weeks after the Securities and Exchange Commission declared CBEX illegal, and the Economic and Financial Crimes Commission confirmed it is investigating the firm’s activities.
CBEX, a digital investment platform, promised investors a 100 percent return within 30 days through what it claimed was AI-driven trading. The platform began operations in 2024, following registration approval from the Corporate Affairs Commission on September 25, 2024, and clearance from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
The scheme reportedly attracted over 600,000 Nigerian investors, who collectively lost an estimated N1.2 trillion when it collapsed on April 14, 2025.
READ MORE: DIASPORA LENS
