The Economic and Financial Crimes Commission (EFCC) has made it clear that it does not serve as a regulatory or approving body for online ventures in Nigeria.
This clarification follows investigations by Saturday PUNCH, which uncovered that the operators of the Crypto Bridge Exchange, widely known as CBEX, were linked to a company named ST Technologies International Limited.
According to the findings, ST Technologies was formally incorporated with the Corporate Affairs Commission (CAC) on September 25, 2024. It later registered with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
Using official registration documents, promoters of the platform reportedly lured a vast number of Nigerians into investing in CBEX, which later turned out to be a fraudulent scheme.
Taking to its official account, the EFCC distanced itself from any perceived endorsement of the platform.
“The EFCC is not a clearing house or regulatory authority of online businesses,” the commission posted.
The anti-graft agency also clarified that it was ST Technologies—not CBEX—that was registered with SCUML. This registration, the commission explained, is in line with 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.
While the commission does not regulate online platforms, it reaffirmed that combating financial crime remains central to its mission and assured the public of justice for the victims of the CBEX fraud.
“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 said.
