CBEX Resumes Operation Allegedly

CBEX Resumes Operation Allegedly. CBEX has resumed operations, allowing newly opened or reinvested accounts to withdraw funds normally. However, older accounts, those locked since the earlier freeze, remain barred from withdrawing until an audit is completed.

In a dramatic turn of events, CBEX (Crypto Bridge Exchange), the embattled cryptocurrency trading platform that abruptly suspended operations last year, has unexpectedly resumed services. Multiple users across social media platforms are reporting successful withdrawals, sparking a mix of excitement and skepticism in Nigeria’s crypto community.

The exchange, which gained notoriety in 2023 after freezing user accounts amid regulatory scrutiny, quietly restored access to user dashboards over the weekend. Early users who logged in discovered they could now process withdrawals, though with some limitations:

• Withdrawal Caps: Initial reports suggest a ₦500,000 daily withdrawal limit
• Processing Times: Transactions taking 24-72 hours to complete
• Customer Support: Minimal official communication from CBEX management

1. Resumption with Caveats: “New” Withdrawals Only

• CBEX has resumed operations, allowing newly opened or reinvested accounts to withdraw funds normally. However, older accounts, those locked since the earlier freeze, remain barred from withdrawing until an audit is completed.
• Reports indicate the platform is asking users to pay activation fees: $100 for balances under $1,000, or $200 for those with larger holdings, to enable withdrawals.

2. Investors Are Withdrawing, Somewhat

• Yes—some people are withdrawing, but it’s primarily limited to new or reactivated accounts that pay the fee.
• Long-standing users who didn’t re-deposit or create new accounts still see withdrawals on hold pending an audit, reportedly by UK authorities .

3. The Scam Labels Still Stick

• CBEX is widely labeled a Ponzi scheme, blamed by regulators for an estimated ₦800 million to ₦1.3 trillion loss.
• The EFCC and SEC continue investigations; key promoters have been arrested, and the UK audit excuse is being heavily scrutinized

POSSIBLE REASONS WHY CBEX RETURNED

Financial analysts suggest several possible motivations for CBEX’s return:

1. Regulatory Pressure: Nigeria’s SEC may have brokered a settlement
2. Asset Recovery: The exchange may have liquidated other holdings to cover obligations
3. Last-Ditch Effort: Potential attempt to restore reputation before legal actions

“The timing is curious,” notes Lagos-based fintech lawyer Amina Okoye. “With the Economic and Financial Crimes Commission (EFCC) cracking down on crypto fraud, this could be strategic damage control.”

CBEX’s Turbulent History

The exchange first ran into trouble in Q3 2023 when:

• Over 200,000 users reported frozen accounts
• The platform cited “system upgrades” that lasted 9 months
• Nigeria’s Central Bank included CBEX in its “red-flagged entities” list