The EFCC has distanced itself from any regulatory or approval role over online businesses, following the controversy surrounding the CBEX trading platform.
CBEX, operating under ST Technologies International Limited, used certificates from the Corporate Affairs Commission and SCUML to lure investors. ST Technologies was registered with the CAC in September 2024 and with SCUML in January 2025.
Responding to public concerns, the EFCC stated on X: “The EFCC is not a clearing house or regulatory authority of online businesses.” The agency clarified that only ST Technologies, not CBEX, is registered with SCUML, as required by law.
The EFCC reiterated that while registration with SCUML is mandatory for DNFBPs, it does not equate to regulatory oversight or endorsement. The Commission assured the public that it will pursue justice for those defrauded by the CBEX platform.
