The more Coenie Botha puts forth to keep his CBI Global Ponzi afloat, the more his investors are screwed.
The most recent additions are 16 percent deposit fees, withdrawal fees, KYC barriers, and strict daily withdrawal limits.
Botha’s regulatory issues became more serious in March, when the Bank of Namibia froze his fiat assets. Botha was compelled to move his Ponzi scheme to DafriBank.
DafriBank is a shady offshore financial services provider based on the island of Comoros.
Here’s how it’s going, according to a May 9th email sent to CBI Global investors: “We sincerely apologize for any confusion regarding DafriBank withdrawal fees. The costs for USDT DEPOSITS are 10% or 3%, respectively (if you own DBA, which is the case with us). In order for us to transfer your withdrawal, we must make a deposit in USDT, which requires us to pay a charge of 3%. Previously, there was no charge. Then there’s an additional 1% for an internal transfer. We were unable to carry the 3% surcharge, so we combined it with the 1% transfer fee. This is when the message about the increased withdrawal fee of 4% was misinterpreted. The simple truth is that, regardless of how you read it, the cost of getting the cash to you has gone from 1% to 4% due to the additional 3% we must pay to get the funds to you. A BTC deposit into DafriBank incurs a 16 percent deposit fee, making this method significantly more affordable. We hope the misunderstanding has been resolved.”
CBI Global investors must pay a DafriBank deposit fee of 16%. They’ll be taxed 4% even if they jump through all of CBI Global’s hoops. Remember, this is only for CBI Global participation.
“New KYC laws” must be complied with once fees have been paid and investor funds have been locked in CBI Global.
According to another April 13th email to CBI Global investors, “Due to the new KYC Regulations that we must comply with regarding our VASP License, we can only honor the following payment conditions until all of our members have completed the KYC Requirements on all four levels.”
Botha alleges that KYC laws have forced him to limit CBI Global withdrawals to a certain amount. 1,000,000 CBI Ponzi points per day in fiat BTC per day from CBI Global’s backend. Botha states that your bank flags investor bank accounts even if they don’t restrict withdrawals. In any case, if your account surpasses these limits, KYC is frequently used by Ponzi schemes to block withdrawals in their last days.
It’s ludicrous that CBI Global can complete any meaningful KYC while being investigated by regulators in Namibia and South Africa, where the majority of its investors are located.
Botha sued the Bank of Namibia last month in an attempt to legalize Ponzi schemes in Namibia. The case has received no more public updates.