The Nigerian Financial Intelligence Unit (NFIU) has issued a strong warning to Nigerians against investing in BNBEX, an online cryptocurrency trading platform.

The government agency has also disassociated itself from the company's activities and branding recent claims by the platform as false and misleading.

BNBEX, which claims to be a global crypto trading company headquartered in Miami, Florida, had recently published a circular alleging that the NFIU was conducting a compliance review of transactions involving Nigerian users on its platform.

The company said the review was being conducted under a so-called "Nigerian Financial Surveillance Regulation."

Reacting swiftly, the NFIU, through the head of its Strategic Communications Department, Sani Tukur, denied any affiliation with the platform and dismissed the claims as entirely fictitious.

The statement from NFIU reads:

"The NFIU informs all financial system stakeholders and the general public that it neither authorized nor issued the document recently published by BNBEX on its website.
"The circular falsely alleges that the NFIU is conducting a compliance review of transactions involving Nigerian users on the platform under a so-called Nigerian Financial Surveillance Regulation."

Tukur emphasised that the regulation cited by BNBEX does not exist within Nigeria’s legal or regulatory frameworks.

NFIU noted that the so-called 'Nigerian Financial Surveillance Regulation' has no basis in Nigerian adding that the logo and insignia used in the circular are counterfeit.

He further clarified that the NFIU has no office in the Central Business District of Abuja, contrary to what was implied in the BNBEX document, noting that the Unit operates solely from its headquarters at No. 1 Monrovia Street, Wuse II, Abuja.

Tukur added:

“The NFIU categorically dissociates itself from the claims made in the circular and urges members of the public to rely only on official NFIU channels for accurate and legitimate information,”

The agency also reiterated that it has no relationship with BNBEX and has not validated any of the company’s operations, Leadership reports.

It urged Nigerians to exercise caution and report any suspicious claims or documents to the Strategic Communications Department via [email protected].

CBEX obtained CAC, EFCC clearances to convince Nigerians

Earlier, Legit.ng reported that Crypto Bridge Exchange (CBEX), a digital investment platform now exposed as a large-scale Ponzi scheme that defrauded over 600,000 Nigerians of an estimated N1.3 trillion.

The platform operated under ST Technologies International Ltd, which was legally registered, but used this to falsely assure investors.

The EFCC and SEC have launched investigations, with efforts underway to revoke the company's registration and apprehend those involved.