Hong Kong’s Securities and Futures Commission (SFC) has issued a stern warning to investors about CBEX Group, a virtual asset trading platform now under scrutiny for alleged cryptocurrency fraud and deceptive practices.
CBEX Group Under Investigation for Suspected Virtual Asset Fraud
The SFC’s advisory raises red flags about CBEX’s operations, with several investor complaints pointing to suspicious activity, particularly concerning withdrawal difficulties. Users report encountering fake withdrawal records, prolonged processes, and heavy procedural roadblocks that hinder access to their funds.
These reports suggest CBEX may be engaging in misleading tactics designed to create a false sense of normalcy while preventing actual fund withdrawals.
CBEX: Background and Growing Concerns
Originally marketed as a secure platform for digital asset trading, CBEX claimed to offer a transparent space for crypto transactions. However, growing allegations indicate otherwise. Multiple users say the platform displays fabricated transaction histories to mislead investors and obscure the real financial state of their accounts.
SFC Advisory: CBEX and Bitget Pro Under Watch
In its latest crypto scam alert, the SFC included both CBEX and Bitget Pro in a public advisory, warning investors about their suspected involvement in virtual asset fraud. Backed by investigations from the Hong Kong Police Force, websites linked to these platforms are already being blocked or restricted due to potential illegal activity.
CBEX Users Face Withdrawal Nightmares
Users describe their experiences with CBEX as frustrating and alarming. Many report being initially able to make small withdrawals, only to later face impossible conditions and unverified procedures when trying to withdraw larger amounts. This aligns with red flags commonly associated with Ponzi scheme operations.
Some even allege that CBEX’s system creates the illusion of successful withdrawals through fake updates and dummy transaction records, while users are left without access to their actual funds.
False Regulatory Claims and Fake Affiliations
Another serious concern is CBEX’s alleged practice of falsely claiming licenses and affiliations with credible financial bodies in countries like Canada and Japan. If these claims are proven false, it would further damage the platform’s credibility and expose it as a high-risk investment scam.
Investor Sentiment: Distrust and Strong Warnings
Across social media platforms and crypto forums, former users are sounding the alarm. Testimonials from disillusioned investors reveal a recurring pattern: small early gains followed by frozen accounts and vanished funds. The general sentiment is clear—avoid CBEX at all costs.
Many are now urging others to seek regulated crypto trading platforms instead of risking their money with suspicious operators like CBEX.
Stay Alert and Choose Regulated Alternatives
The SFC’s advisory, along with widespread user-reported issues and fraudulent activity, suggests that CBEX is a high-risk crypto platform potentially engaging in fraudulent schemes. Until the company provides full transparency and addresses these allegations, investors are strongly advised to stay away.
If you’re looking to trade cryptocurrencies safely, always use platforms that are regulated by recognized financial authorities and avoid platforms that display red flags like fake withdrawal records, unverifiable licenses, or delayed payments.