The Economic and Financial Crimes Commission (EFCC) has made it clear that it does not regulate or approve online business platforms in Nigeria.
This announcement follows reports that the promoters of a trading platform called Crypto Bridge Exchange (CBEX) used registration documents to gain the trust of investors and allegedly defraud them.
According to a report by Saturday PUNCH, CBEX was operated under a company named ST Technologies International Limited, which was registered with the Corporate Affairs Commission on September 25, 2024. The company was also registered with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
The EFCC explained on its official X (formerly Twitter) page that it does not have the authority to approve or monitor online businesses.
“The EFCC is not a clearing house or regulatory authority of online businesses,” the commission wrote.
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The anti-graft agency clarified that the registration with SCUML was done by ST Technologies and not CBEX, and that such registration is a legal requirement for certain businesses.
“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,” the EFCC said.
“Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions in Nigeria as part of the country’s efforts to fight money laundering and terrorism financing.”
Despite not being responsible for regulating online platforms, the EFCC said it remains committed to investigating and punishing financial 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,” the agency stated.
The EFCC urged the public to be cautious and always verify the credibility of online investment platforms before putting in their money.