Lagos, Nigeria – Investors on the Crypto Bridge Exchange (CBEX) are breathing a collective sigh of relief as the platform resumed full trading operations this week, following weeks of access restrictions and regulatory scrutiny. The sudden disruption in CBEX’s operations had left thousands of Nigerian crypto traders in limbo and sparked an investigation by the Economic and Financial Crimes Commission (EFCC).

CBEX, a popular crypto trading platform among Nigerian investors, had collapsed temporarily in April, locking users out of their wallets and halting trade execution amid widespread fears of a scam or insolvency. The event triggered protests on social media and calls for urgent intervention from Nigerian authorities.

EFCC Intervention and Investor Panic

As complaints flooded in, the EFCC launched an investigation into CBEX to determine whether the disruption was the result of financial mismanagement, fraud, or a technical breach. According to insiders close to the probe, CBEX cooperated with investigators and submitted operational documents, transaction histories, and server logs.

The platform’s collapse caused a major stir, particularly in Lagos, Abuja, and Port Harcourt cities with some of Nigeria’s highest rates of digital asset trading. Many users feared their assets had been lost, especially in the wake of previous crypto-related scandals like the MBA Forex saga.

“We were terrified. I had over ₦1.7 million in stablecoins stuck in CBEX,” said Chuka Umeh, a trader based in Enugu. “It’s a relief to finally access my funds again.”

Trading Resumes, Volumes Surge

CBEX officially restored user access on June 2, 2025, announcing the resolution of backend issues and increased server capacity. Since then, trading volumes have surged, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and USDT showing renewed activity on the platform.

In a public statement, CBEX said:

“We appreciate the patience of our users during this challenging period. All wallets are secure, and all deposits remain intact. Our new infrastructure ensures enhanced security, transparency, and uptime moving forward.”

Market data indicates that daily trading volumes on CBEX exceeded ₦5.3 billion just 48 hours after relaunch, nearly matching pre-collapse levels.

Nigeria’s Complex Crypto Landscape

The incident at CBEX reflects the broader challenges facing Nigeria’s fast-growing crypto industry, which remains largely unregulated despite the Central Bank of Nigeria (CBN) softening its stance in recent months. Although Nigeria banned banks from facilitating crypto-related transactions in 2021, the Securities and Exchange Commission (SEC) has recently proposed a new regulatory framework to legitimize and monitor virtual assets.

“Crypto is here to stay in Nigeria, but platforms like CBEX must adopt best practices in governance and transparency,” said Ayodeji Balogun, a fintech analyst at TechEconomy.ng. “This is a wake-up call for investors and regulators alike.”

Lessons and the Road Ahead

While the crisis has shaken investor confidence, the successful return of CBEX is being hailed by many as a positive case of recovery in the Nigerian crypto space. The event has also sparked renewed calls for:

• Stronger consumer protection policies for digital asset holders.

• Clear licensing requirements for exchanges operating in Nigeria.

• Education campaigns to help Nigerians safely navigate crypto markets.

CBEX says it will be publishing a quarterly transparency report and plans to set up an independent user advisory council to improve accountability and trust.

As Nigeria continues to lead Africa in crypto adoption ranking among the top 10 countries globally by peer-to-peer transaction volume platform resilience and regulatory clarity will be key to sustaining growth and avoiding future shocks.

For more financial technology stories and updates on Nigeria’s crypto economy, visit Xamblog.com.