In a shocking move, CBEX, a Nigerian digital asset platform, is now charging users $100 to withdraw just half of their funds, leaving over 600,000 people in a tough spot. This comes after the Nigerian Securities and Exchange Commission (SEC) labeled the platform illegal, raising red flags about potential fraud.

According to a recent post by , CBEX’s latest policy has sparked outrage and skepticism among its users. The SEC has made it clear that CBEX isn’t registered under the Investments and Securities Act 2024, meaning it’s been operating outside the law. The regulator has warned that platforms like these could be misappropriating funds, putting investors at serious risk. The SEC is cracking down hard, with penalties for unregistered operators that could include up to 10 years in prison or fines as high as ₦40 million (about $24,000).

The situation has been unraveling for weeks. Previously, CBEX reportedly locked its Telegram channels and delayed withdrawals, even introducing “verification fees” of $200 to access $2,000 or $100 for $1,000, as reported by Nairametrics on April 16, 2025. Now, with this new $100 fee to release just 50% of users’ funds, many are questioning whether CBEX is trying to recover or simply taking advantage of desperate investors. Some users on X are urging others to stay safe and keep their money secure, while others have called the fee a fraudulent move.

This isn’t the first time Nigeria’s crypto scene has faced trouble. The country has become one of the fastest-growing crypto markets in the world, with 33.4% of Nigerians using digital currencies, according to a July 2024 SEC statement. But that growth has come with risks. Last September, the SEC announced plans to target unregistered platforms, even approving licenses for two local exchanges, Busha Digital and Quidax Technologies, to set a standard. CBEX, however, didn’t make the cut, and now its users are paying the price.

Interestingly, the idea that a lack of financial literacy is the main problem might not tell the whole story. A December 2024 survey from the University of Cincinnati found that people who own cryptocurrency often have better financial literacy than those who don’t, suggesting that the issue might be more about trust and regulation than a lack of knowledge.

The fallout from CBEX’s actions could have a big impact. Experts are calling for stronger government oversight to protect Nigerians from similar situations in the future. For now, the situation feels urgent, with many users worried they might never see their money again.

In summary, CBEX’s $100 withdrawal fee has left Nigerian investors frustrated and fearful, especially after the SEC declared the platform illegal. The bottom line is that with over 600,000 users affected and growing concerns about fraud, this story is far from over. Stay tuned for more updates as the situation unfolds.

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