CBI World has obtained a securities fraud warning from South Africa’s Monetary Sector Conduct Authority.
Cited “investigated events” within the FSCA’s April twenty sixth warning are
- Uhuru Tribe
- Uhuru-X
- Uhuru Money
- CBI X SA
- CBI World and
- Coenraad Barend Nolte Botha
Uhuru Tribe was Botha’s first cryptocurrency Ponzi scheme, launched in 2020.
Uhuru Tribe operated by Uhuru Money (UHC) and the Uhuru-X inner alternate.
When Uhuru Tribe collapsed in late 2020, Botha rebooted the rip-off as CBI World.
The Ponzi scheme continued with CBI tokens. CBI X SA is the renamed inner alternate.
Following an inner investigation, the FSCA
suspects that the investigated events could also be conducting unregistered monetary companies enterprise.
The investigated events aren’t authorised to render any monetary advisory and/or middleman companies.
That is the equal of a securities fraud discover in different jurisdictions.
The FSCA notes its investigation is ongoing.
The aim of the investigation is to ascertain whether or not the investigated events are conducting unregistered monetary companies enterprise.
Though Botha relies out of Namibia, nearly all of Uhuru Tribe and now CBI World buyers are South African residents.
Final month the Financial institution of Namibia moved to freeze CBI World’s and Botha’s belongings. This prompted Botha to show across the sue the regulator.
Within the meantime CBI World continues to function, primarily by the dodgy DafriBank processor.
CBI World is legally represented by Afrika Jantjies (proper), a registered South African legal professional.
Talking of his regulation agency, in late March Jantjies publicly said
We’re the attorneys for CBI. Plus I act because the compliance officer for CBI Alternate Namibia.
If there may be something that’s executed illegal or just isn’t in step with the regulation, then it’s my responsibility to advise my shopper to desist and cease and comply.
Whether or not Jantjies has suggested Botha to close CBI World down and cease committing securities fraud in Namibia and South Africa is unclear.
Each the BON and FSCA regulatory investigations are civil in nature. If Botha is beneath legal investigation that hasn’t been made public.