Despite facing allegations of a N1.2 trillion digital trading fraud affecting over 600,000 Nigerians, the embattled Crypto Bridge Exchange (CBEX) has resumed operations and introduced new withdrawal options in a bid to restore investor confidence.
Two traders on the platform confirmed to reporters that CBEX had quietly restarted operations, enabling new users to register, trade, and withdraw profits, even as investigations by regulatory agencies continue.
According to the sources, an insurance verification process and an external audit of the firm’s financial records are currently ongoing to determine the actual amount lost when the platform collapsed in April.
They added that existing investors, many of whom have been unable to access their funds for several weeks, would be able to withdraw their money starting June 25, 2025, after the audit is expected to be completed by a UK-based insurance firm.
The development follows recent regulatory actions, including the Securities and Exchange Commission’s declaration of the platform as illegal and the Economic and Financial Crimes Commission’s confirmation of an ongoing investigation into the company’s operations.
CBEX, which promised investors a 100 percent return after 30 days of purported AI-powered trading, began operations in 2024. The platform was registered with the Corporate Affairs Commission on September 25, 2024, and received approval from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
The platform reportedly collapsed on April 14, 2025, with at least 600,000 Nigerians said to have lost a combined total of N1.2 trillion.
