Nigerian crypto exchange CBEX's new withdrawal plan under suspicion of fraud

ChainCatcher news, according to Bitcoin.com, the troubled Nigerian crypto exchange Crypto Bridge Exchange (CBEX) has recently announced new withdrawal options in an effort to restore investor confidence.

Sources revealed that the company made this announcement amid rumors of impending closure. According to the new regulations, investors holding funds not exceeding $1,000 on the platform must pay a fee of $100 to withdraw 50% of their initial funds, which is expected to be released on June 20, 2025. CBEX has been accused of misappropriating funds from over 600,000 Nigerian users, leading the Nigerian SEC to declare the platform illegal. Despite the introduction of new withdrawal options, some users remain skeptical about the company's true situation, believing that this activation fee could be a potential scam to extract more money from Nigerians.