The Financial Sector Conduct Authority of South Africa has issued a securities fraud notice to CBI Global.
• Uhuru Tribe • Uhuru-X • Uhuru Cash • CBI X SA • CBI Global and • Coenraad Barend Nolte are among the “investigated parties” included in the FSCA’s April 26th warning. Botha
Botha’s first cryptocurrency Ponzi scam, Uhuru Tribe, was established in 2020.
Uhuru Cash (UHC) and the Uhuru-X internal exchange were used by the Uhuru Tribe.
Botha relaunched the scheme as CBI Global when Uhuru Tribe failed in late 2020.
CBI tokens were used to sustain the Ponzi scam. The internal exchange has been renamed CBI X SA.
The FSCA suspected the examined parties of conducting unregistered financial services activity after completing an internal inquiry.
The parties under investigation are not permitted to provide financial advice and/or intermediary services.
In other countries, this is the equivalent of a securities fraud warning.
The FSCA said their probe is still underway.
The inquiry’s goal is to determine if the parties under investigation are running unregistered financial services activity.
Even though Botha is from Namibia, the bulk of Uhuru Tribe and now CBI Global investors are from South Africa.
CBI Global and Botha’s assets were frozen by the Bank of Namibia last month. Botha decided to sue the regulator as a result of this.
CBI Global continues to function in the meanwhile, mostly through the shady DafriBank processor.
Afrika Jantjies (right), a certified South African attorney, is representing CBI Global legally.
Jantjies publicly stated in late March that his law firm is the attorney for CBI. In addition, I serve as CBI Exchange Namibia’s compliance officer.
If something is done that is illegal or in violation of the law, it is my responsibility to counsel my client to desist, halt, and comply.
It’s unclear if Jantjies has directed Botha to close CBI Global and stop defrauding investors in Namibia and South Africa.
The regulatory inquiries against the BON and the FSCA are both civil in character. It is unknown whether Botha is under criminal investigation.