Beware of CBI – Review

The VASP registration notice is the first thing you’ll see when you visit CBI Global’s website.

The Financial Intelligence Centre (FIC) of Namibia has officially recognized CBI Exchange (Pty) Ltd as a Virtual Asset Service Provider. Check out our VASP Disclaimer.

Coenie Botha believed he might get away with anything by not registering CBI Global with the BoN.

It turned out that Botha had also been telling lies about his Ponzi scheme. Shocking.

Virtual Asset Service Provider is known as “VASP.” It is necessary to register with Namibia’s Financial Intelligence Center for this, which is an actual entity.

To be clear, a VASP license has nothing to do with securities and is not a replacement for Bank of Namibia registration.

In other words, becoming registered as a VASP is useless for MLM due diligence.

In any case, as noted in the May 17 edition of Namibia Economist;

The Financial Intelligence Centre (FIC) claimed that because it is not a prudential licensing body, it has never given CBI Exchange Namibia permission to operate or engage in business in the virtual asset area.

This comes after the Center learned about a webinar that was spreading on social media and claimed that CBI’s FIC registration gave it permission and a license to provide specific services to the general public on behalf of the FIC.

Botha (right) did nothing more than sign up for a VASP;

According to the Centre, even though CIB is registered by the Financial Intelligence Act’s regulations, this does not constitute prudential licensing, and CBI is required to fully comply with all applicable prudential licensing requirements as well as any additional legal requirements that may apply.

The registration was then used to post fictitious compliance notices on the CBI Global website, which his affiliate investors passed off as credibility on social media.

Typically, MLM Ponzi scams use simple incorporation certificates in this manner. However, a “Virtual Asset Service Provider” seems more credible.

the Namibia Economist repeated;

The Bank of Namibia or Namibia Financial Institutions Supervisory Authority, as appropriate prudential authorities, must issue licenses to institutions that propose to or currently provide financial services to the public (NAMFISA).

The CBI Global won’t be registered with BoN by Botha. This would expose the Ponzi scheme.

Botha is instead suing Bon to obtain permission to operate a Ponzi scheme in Namibia. This lawsuit is still in progress.

Botha went to a GSPartners Ponzi promotional event earlier this month in Dubai. Botha said he wasn’t willing to talk about the trip or his future intentions publicly at a recent CBI Global webinar.

Botha’s connections to GSPartners come after his efforts to draw investors from CBI Global into the Ponzi scheme run by him.

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