The Economic and Financial Crimes Commission (EFCC) has publicly clarified that it is not a regulatory or clearing agency for online businesses in Nigeria, following widespread confusion linked to the activities of Crypto Bridge Exchange (CBEX), okaynews.com reports.
Investigations revealed that CBEX operated under ST Technologies International Limited, which was registered with the Corporate Affairs Commission on September 25, 2024, and with the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
Despite these registrations, the EFCC, via its official X handle, stated, “The EFCC is not a clearing house or regulatory authority of online businesses.” The agency further clarified that only ST Technologies, not CBEX, is registered with SCUML, in compliance with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC emphasized that registration with SCUML is a legal requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) as part of Nigeria’s anti-money laundering framework. However, the Commission stressed that while it does not regulate online platforms, it remains committed to investigating and prosecuting financial fraud, assuring the public of its determination to ensure justice for victims of the CBEX scam.
