The Securities and Exchange Commission (SEC) says the newly enacted Investments and Securities Act, 2025 (ISA 2025) makes it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the commission.
Daily Trust reports that this comes amid fears that CBEX, a digital asset trading platform, has crashed.
Since Friday, there have been concerns over the operations of the platform, with some users warning that it showed signs of being a Ponzi scheme.
The growing concerns followed the platform’s instability, with many users fearing that their money is now stuck.
