When you visit CBI Global’s website the first thing you’ll see up top is a VASP registration message:
CBI Exchange (Pty) Ltd is a registered Virtual Asset Service Provider registered with the Financial Intelligence Centre (FIC) Namibia – Read our VASP Disclaimer
Instead of registering CBI Global with the BoN, Coenie Botha thought he could pull a fast one.
Turns out Botha was lying about his Ponzi smoke and mirrors too. Shocking.
“VASP” stands for Virtual Asset Service Provider. This is a real thing and requires registration with Namibia’s Financial Intelligence Center.
I want to be clear that a VASP license has nothing to do with securities and is not a substitute for registration with the Bank of Namibia.
In other words, for the purpose of MLM due-diligence, registering as a VASP is meaningless.
In any event, as reported by Namibia Economist on May 17th;
The Financial Intelligence Centre (FIC) said it never authorised CBI Exchange Namibia to operate or carry-on business in the Virtual Asset space as it is not a prudential licensing authority.
This comes after the Centre became aware of a webinar circulating on social media suggesting that the FIC registration of CBI authorises and licenses CBI to render certain services to the public under the authority of the FIC.
What Botha (right) did was register for a VASP and leave it at that;
The Centre said while CIB is registered in accordance with the provisions of the Financial Intelligence Act, it does not amount to prudential licensing and CBI must ensure full compliance with all relevant prudential licensing requirements and other legislative requirements it may be subjected to.
He then used that registration to put up pseudo-compliance noticed on CBI Global’s website, which his affiliate investors represented as legitimacy on social media.
This is typically what MLM Ponzi schemes do with basic incorporation certificates. A “Virtual Asset Service Provider” though certainly sounds more convincing.
As reiterated by the Namibia Economist;
Institutions intending to or that already provide financial services to the public must prudentially be licensed by relevant prudential authorities such as the Bank of Namibia or Namibia Financial Institutions Supervisory Authority (NAMFISA).
Botha isn’t going to register his CBI Global with BoN. That would give the Ponzi away.
Instead, Botha is suing BoN for the right to run a Ponzi scheme in Namibia. That case is still playing out.
Botha attended a GSPartners Ponzi promo event in Dubai earlier this month. On a recent CBI Global webinar, Botha stated he was not willing to discuss the trip or future plans publicly.
Botha’s ties to GSPartners follows his efforts to recruit CBI Global investors into the Ponzi scheme under him.