Hong Kong Govt's Warnings on CBEX Nigerians Should Not Have Ignored As Investment App Freezes Funds

• Amid complaints from Nigerians that they can no longer access their accounts on CBEX, an investment app
• CBEX had promised investors they would double their money every month, making it very attractive to Nigerians battling economic hardship
• All of this could have been avoided if Nigerians had listened to the warnings from the Hong Kong government a year ago

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Just over a year ago, Hong Kong's Securities and Futures Commission (SFC) issued a public warning accusing the platform of suspected virtual asset-related fraud.

This is a red flag that many Nigerians ignored as the company promised investors 100% returns in 30 days.

Hong Kong warning on CBEX

In a message posted on April 23, 2024, the SFC placed CBEX Group and a related entity, Bitget Pro, on its Suspicious Virtual Asset Trading Platforms Alert List, citing numerous investor complaints about fake withdrawal records and unauthorised access to funds.

Read also

CBEX scandal: Former Buhari’s aide reacts as alleged Ponzi scheme collapse

The regulator said it had referred the matter to the Hong Kong Police Force, which subsequently blocked access to its websites.

The SFC cautioned that even after websites are blocked, scammers may continue operations.

The statement reads:

"The Securities and Futures Commission (SFC) today warns the public of entities operating under the names of “CBEX Group” and “Bitget Pro” for suspected virtual asset-related fraudulent activities.

"Investors reported difficulties with virtual asset withdrawals or unauthorised withdrawals. The SFC suspects that the platforms may have deceived investors with fake withdrawal records.

"At the SFC’s request, the Hong Kong Police Force has taken steps to block access to relevant websites. Notwithstanding the action taken, the public should beware that scammers may continue to create websites with similar domain names.

"The SFC also posted CBEX Group and Bitget Pro and their respective websites on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 23 April 2024.

Read also

Nigerians react as Investors storm CBEX office, cart away with items

"Online investment scams may involve any type of assets and are perpetrated through multiple channels, and investors can suffer substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions."

Nigerians cry out as CBEX lock them out

Despite these warnings, CBEX operated freely in Nigeria, aggressively promoting its investment platform through social media influencers, seminars, and affiliate programs that promised daily returns and generous referral bonuses.

However, on April 9, 2025, Nigerians were hit with reality as CBEX restricted withdrawals and locked out users, BBC reports.

CBEX investors pay a $100, $200 verification fee

Earlier, Legit.ng reported that some Nigerian investors have started making additional $100 and $200 deposits to CBEX, in hopes of regaining access to their funds.

This is after a message was sent to the investors to make additional deposits to the wallet as part of a verification process to authenticate ownership.

Read also

CBEX sets verification deadline, Nigerian investors rush to deposit additional $100, $200

The message has been met with an uproar on social media, as investors claimed that all wallet balances had reverted to $0.00.

Source: Legit.ng