Warning: BNBEX Crypto Platform Is a Scam – Nigerians Should Stay Away
BNBEX, a company claiming to be a crypto trading platform based in Miami, has been exposed as a scam by Nigeria’s Financial Intelligence Unit (NFIU). The warning is clear: Nigerians should avoid BNBEX to protect their money.
BNBEX promised people they could make fast money by trading cryptocurrencies. This is tempting for many Nigerians who are dealing with high prices and a weak currency, and are looking for new ways to earn.
But behind BNBEX’s clean and professional look was a fraud. It created a fake letter saying the NFIU was checking on Nigerian users’ transactions under a made-up rule called the Nigerian Financial Surveillance Regulation. They even used a fake NFIU logo and said they had an office in Abuja, which doesn’t exist.
The NFIU denied having anything to do with BNBEX. They said they don’t support or approve this company. The “regulation” mentioned by BNBEX is not real, and the whole platform is a scam trying to trick people who are interested in crypto.
Why This Is a Bigger Problem
This isn’t just about BNBEX. The NFIU is warning people about the dangers of using unregulated platforms. Nigeria’s Securities and Exchange Commission (SEC) also hasn’t made a statement about BNBEX, but experts say that silence means BNBEX is not approved.
The SEC is in charge of making sure all investment companies, including crypto ones, are registered and follow the rules. BNBEX is not listed on their website, just like other scams such as CBEX, which collapsed in April 2025 and caused investors to lose about $6.1 million.
The SEC’s head, Emomotimi Agama, has said many times: “If it is not registered, it is illegal.” This includes other scam platforms like TOFRO and Marino FX Ltd, which also tricked people with promises of high profits.
BNBEX Is Following a Known Scam Pattern
BNBEX is doing the same thing other scammers have done before:
Show fake documents to gain trust
Promise big profits
Disappear with people’s money
BNBEX has no official approval, so it’s operating without any checks. If you invest in it, you’re putting your money at high risk with no protection.
The NFIU also said BNBEX used fake links to government agencies to trick people into trusting them, which is very dangerous in a country where people are already struggling with money.
Why Nigerians Should Avoid BNBEX
Here are 3 big reasons to stay away from BNBEX:
You could lose all your money – These unapproved platforms can shut down anytime and disappear.
You won’t get legal help – Even if the company is real and based in Miami, Nigerian authorities can’t do much to help you recover your money.
It hurts trust in real systems – Scams like BNBEX make it harder for people to trust good platforms. They also help in moving illegal money, which hurts the economy and helps crime.
Stay Safe – Always Check Before You Invest
Nigeria has many smart young people using tech and building new platforms, but this also means scammers try to take advantage.
To protect yourself, always:
Check if the platform is registered on the SEC’s official website: www.sec.gov.ng/cmos
Check with the Central Bank of Nigeria (CBN) if you’re not sure
Google the company or search forums like Nairaland for scam alerts
Report suspicious platforms to the NFIU by email: info@nfiu.gov.ng
By staying informed and checking before investing, Nigerians can avoid being victims of scams like BNBEX and help others stay safe too.
