Nigeria's suspected fraudulent crypto exchange CBEX's new withdrawal plan has been called into question
2025-05-06 09:49:45
Troubled Nigerian crypto exchange Crypto Bridge Exchange (CBEX for short) recently announced the launch of a new withdrawal option with a view to restoring investor confidence, according to Bitcoin.com. Sources revealed that the company made the announcement after facing rumours of collapse. Under the new rules, investors who hold no more than $1,000 in funds on the platform will have to pay a $100 fee to withdraw 50% of their initial funds, which is expected to be disbursed on June 20, 2025. CBEX is accused of misappropriating funds from more than 600,000 Nigerian users, leading the Nigerian SEC to declare the platform illegal. Despite the launch of the new withdrawal option, some users remain skeptical about the true state of the company, believing that the activation fee could be a potential scam to defraud more Nigerians of their money.
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