The Economic and Financial Crimes Commission (EFCC) is clarifying that the Special Control Unit against Money Laundering (SCUML) certificate does not grant businesses automatic legitimacy to operate in Nigeria, amid rising concerns over the controversial CBEX cryptocurrency platform collapse.
In a statement issued Monday, the anti-graft agency says it is setting the record straight following public confusion linking SCUML certification with regulatory approval, especially in the wake of the CBEX crypto scandal that is now rocking Nigerian investors.
“ST Technologies (not CBEX) is registered with the Special Control Unit against Money Laundering, SCUML in line with Section 17 of the Money Laundering (Prevention & Prohibition) Act, 2022,” the Commission confirms in the official statement.
“The EFCC is not a clearing house or regulatory authority of online businesses,” the Commission says, distancing itself from regulatory oversight of platforms like CBEX, which is reportedly demanding fresh payments from investors in exchange for account verification and withdrawal access.
SCUML: No endorsement, no clearance
The EFCC states that SCUML registration is not a blanket endorsement or clearance for any company’s operations. Rather, it is a mandatory compliance step under Nigeria’s anti-money laundering and counter-terrorism financing laws for Designated Non-Financial Businesses and Professions (DNFBPs).
“The EFCC is not a clearing house or regulatory authority of online businesses,” the Commission says, distancing itself from regulatory oversight of platforms like CBEX, which is reportedly demanding fresh payments from investors in exchange for account verification and withdrawal access.
Crypto crisis deepens
Technology Times earlier reported that CBEX, a platform promoted as an AI-driven crypto investment solution, is suspending user withdrawals while demanding between $100 and $200 for account verification before promising any payouts. The move has triggered backlash from victims who allege they are being defrauded in what now appears to be a digital Ponzi scheme.
CBEX, which has been actively marketed via social media and crypto forums in Nigeria and other African countries, is drawing scrutiny for its lack of transparency and murky ownership structure. Many affected users say they were lured by promises of high-yield returns powered by “AI crypto trading bots.”
EFCC to CBEX victims: Justice is coming
Amid growing public outcry, the EFCC assures victims that it is taking action.
“Financial fraud of any kind is the remit of the Commission,” the agency states, promising to pursue justice for investors affected by CBEX’s collapse.
The clarification, Technology Times understands, forms part of EFCC’s broader mission to inform and protect Nigerian investors from falling prey to digital scams hiding behind technical buzzwords and fraudulent compliance claims.
Watch before you invest
As Nigeria’s digital economy expands, online investment platforms are increasingly targeting young, tech-savvy Nigerians seeking alternative income streams. But the CBEX saga is a cautionary tale that reinforces EFCC’s advice:
“SCUML registration alone does not guarantee legitimacy,” the Commission warns, urging the public to conduct due diligence before engaging with any online financial service.
The anti-graft agency adds that it remains fully committed to upholding Nigeria’s anti-money laundering regime and will continue to clamp down on tech-driven fraudsters preying on unsuspecting citizens.
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