With recent events surrounding the CBEX platform, users have begun to realize their losses, which are estimated to exceed $800 million. The structure and actions of the platform raise serious questions.
Fraudulent Actions by CBEX
The CBEX platform has been accused of fraudulent actions after users were unable to access their accounts. Reports indicate that CBEX has drained over $809 million from investors' accounts, deceiving them with promises of significant profits. Data shows that user funds were immediately transferred to other accounts upon deposit.
User Reactions
CBEX users expressed their dissatisfaction on social media, many posted emotional videos showing their distress due to the inability to withdraw their funds. One user stated, 'I was invited to CBEX, expecting to earn money, and now I've found all my $4000 gone.' Some customers have taken drastic actions such as robbing company offices.
Regulation of Online Trading in Nigeria
In light of recent events, the Nigerian Securities and Exchange Commission (SEC) announced new legislation requiring the registration of all online trading platforms. The new law, signed by the President of Nigeria, condemns unauthorized provision of online trading services and aims to protect investors from fraudulent schemes.
The situation surrounding CBEX raises important questions about online trading regulation and its consequences for investors. The Nigerian SEC is working to improve investor protection in a rapidly evolving financial landscape.
