This announcement, highlighted in a statement released Sunday and reported by Daily Trust, comes at a critical time as concerns mount over the stability and legitimacy of the digital asset trading platform CBEX. Since last Friday, users have increasingly voiced fears online about the platform's operations, with some labelling it a potential Ponzi scheme following reports of instability and difficulties accessing funds.
The anxiety surrounding CBEX is palpable online. While some users, like Ajoke (@BlessedAjoke) on X (formerly Twitter), urged calm, stating, "Cbex is still working perfectly just that you can’t withdraw until 15th of April. You people should stop spreading fake news," others remain deeply skeptical, fearing their investments are lost. The situation has also sparked heated debate, with user aust;n (@0kparam) criticizing those seemingly celebrating the platform's potential troubles.
Against this backdrop, the SEC's statement underscores the new regulatory landscape established by the ISA 2025, recently signed into law by President Bola Ahmed Tinubu. The commission explicitly stated, "By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services."
The ISA 2025 significantly broadens the SEC's regulatory mandate. Section 3(3)(b) of the Act empowers the commission to "register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues." This provides a clear legal framework for oversight in previously less-regulated sectors like digital assets.
Dr. Emomotimi Agama, Director General of the SEC, hailed the new law as "a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and in tune with global best practices." He emphasized that the ISA 2025 grants the SEC "the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms."
While welcoming financial innovation, Dr. Agama stressed that it "must occur within a regulated environment that protects investors and maintains the integrity of our market." The commission advised any entities planning to operate in these areas to contact its HOD DRM Department for registration directives to avoid sanctions.
Furthermore, the SEC highlighted stringent penalties under the new Act for operators of Ponzi schemes, who now face a minimum jail term of 10 years and a minimum fine of N20 million. Dr. Agama clarified that this fine represents only part of potential sanctions against fraudulent operators.
As Nigerian investors monitor the situation with platforms like CBEX, particularly with today, April 15th, being cited as a key date for potential withdrawal resumption, the SEC's confirmation of the ISA 2025 requirements sends a clear message: the era of unregulated operation for digital asset and online FX platforms in Nigeria is over, and compliance is now mandatory. Stakeholders are urged to familiarize themselves with the new provisions to ensure full adherence.