A Federal High Court in Abuja approved the Economic and Financial Crimes Commission’s (EFCC) request to arrest six individuals involved with Crypto Bridge Exchange (CBEX).

According to an April 24 report by The Cable, the suspects allegedly defrauded Nigerian investors of ₦1 billion, equal to around $620,000.

The EFCC said the accused used a company called ST Technologies International Limited to promote CBEX.

The suspects reportedly ran advertisements and encouraged people to invest cryptocurrencies on the CBEX platform. As of publication, they had not been taken into custody.

The EFCC also mentioned in court that the promotions were misleading. The campaign targeted the public with investment offers that led many people to trust and transfer funds to CBEX. The case now adds to Nigeria’s ongoing crackdown on crypto-related fraud.

CBEX Users Faced Withdrawal Issues in April

In April, many CBEX users started reporting problems withdrawing their funds. Social media platforms saw an increase in posts from affected users. The online complaints quickly escalated into public outrage.

A group of investors stormed CBEX’s office in Ibadan. Reports say they took items such as an air conditioner.

According to eyewitnesses, some people attempted to recover losses through physical property from the office.

This marked a rare incident where online crypto disputes turned into real-world confrontations.

Law enforcement has not shared further details about damage or items recovered from the Ibadan location. The EFCC confirmed it is still investigating.

Binance Case Highlights Ongoing Crypto Scrutiny

Nigeria’s actions against CBEX follow earlier crackdowns on crypto firms. In February 2024, two Binance executives were arrested during a visit to Nigeria. The trip was intended to discuss Binance’s local operations.

One executive, Tigran Gambaryan, a U.S. citizen, was detained for eight months. He faced tax evasion and money laundering charges.

Nigerian authorities released him to U.S. custody, but the tax case against Binance continues. The exchange does not have a registered office in Nigeria.

Officials said the ongoing case is part of wider efforts to regulate cryptocurrency activities in the country.

The Binance case has drawn international attention, especially over Gambaryan’s health while in detention.

Authorities have not confirmed when the CBEX suspects will be arrested or if a court trial has been scheduled. Investors affected by the platform continue to seek answers about their frozen funds.

The EFCC stated that further action will be taken based on investigation progress. As Nigeria tightens its stance on digital asset platforms, more legal action is expected.

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