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1. CBEX is an without a license platform
Cbex operated without any official registration in Nigeria or Canada, despite having falsely claimed to have headquarters in Canada. The investigations did not reveal legitimate records of the company in the Canadian corporate directories.
2. Massive financial losses
The platform presumably emptied over 1.3 trillion dollars (about $ 809 million) from the investors’ accounts, leaving thousands of financial difficulties.
3. False promises of high returns
CBEX has attracted investors with returns of 100% yields on investments within 30 days, a classic distinctive sign of Ponzi patterns.
4. Impersonation of legitimate entities
The platform imitated the name and brand of the legitimate Exchange Equity Equity (CBEX) of China Beijing (CBEX), with misleading investors in believing that it had government support.
5. Restrictions and sanctions of abstinence
Investors had to face rigorous conditions, including a blocking period of 40-45 days and sanctions for early withdrawals. Some users reported being required to recruit at least 12 references before accessing their profits.
6. Deceptive verification commissions
After the freezing withdrawals, CBEX introduced a “verification” process, asking for additional payments of $ 100 or $ 200 from users based on the guise of the account verification.
7. Aggressive refferral schemes
Cbex has used a multilivelo marketing model, encouraging users to recruit others with promises to increase prizes, thus expanding its users’ base quickly.
8. Regulatory warnings ignored
In April 2024, the commission for the titles and future of Hong Kong warned the public on the fraudulent activities of the CBEX. Unfortunately, many Nigerian investors have neglected these warnings.
9. Social media manipulation
Cbex showed falsified withdrawal records on his platform to create an illusion of legitimacy and success, deceiving users in believing that the others were setting.
10. Public tear and office raids
Following the collapse of the platform, the infuriated investors stormed the CBEX offices in Ibadan and Lagos, looting furniture and equipment to protest against their losses.
Remain informed and vigilant
The cbex saga acts as a clear reminder of the importance of the two diligence before investing. Always check the legitimacy of the investment platforms and be wary of the patterns that promise unrealistic returns.
