The first thing you’ll notice when you visit CBI Global’s website is a VASP registration message: CBI Exchange (Pty) Ltd is a registered Virtual Asset Service Provider with the Financial Intelligence Centre (FIC) Namibia. Please read the VASP Disclaimer.
Botha thought he could get away with not registering CBI Global with the BoN.
Botha was lying about his Ponzi scheme as well. VASP stands for Virtual Asset Service Provider, which is shocking. This is a real thing that Namibia’s Financial Intelligence Center requires registration for. “I want to be clear that a VASP license has nothing to do with securities and is not a replacement for a Bank of Namibia registration.”
To put it another way, registration as a VASP has no bearing on MLM due diligence.
In any case, the Financial Intelligence Centre (FIC), which is not a prudential licensing authority, claimed it never licensed CBI Exchange Namibia to function or carry-on business in the Virtual Asset area, according to the Namibia Economist on May 17th. This follows the Centre’s discovery of a webinar circulating on social media claiming that CBI’s FIC registration authorizes and licenses the company to provide certain services to the public under the FIC’s jurisdiction. Botha (right) simply signed up for the VASP and left it at that.
While CIB is registered under the Financial Intelligence Act, it does not imply prudential licensing, according to the Centre, and CBI must ensure complete compliance with all relevant prudential licensing requirements and other statutory requirements it may face. He then utilized that registration to post a fake compliance notification on CBI Global’s website, which his affiliate investors mistook for credibility on social media.
MLM Ponzi schemes sometimes use basic incorporation certificates in this manner. A “Virtual Asset Service Provider,” on the other hand, sounds far more credible.
According to the Namibia Economist (NAMFISA), institutions intending to or already providing financial services to the public must be prudentially licensed by competent prudential authorities such as the Bank of Namibia or the Namibia Financial Institutions Supervisory Authority, according to the Namibia Economist.
Botha will not get his CBI Global registered with BoN. That would expose Ponzi.
Botha is instead suing BoN for the right to operate a Ponzi scheme in Namibia. This case is currently ongoing.
Botha was in Dubai earlier this month for a GSPartners Ponzi promotional event. Botha indicated on a recent CBI Global webinar that he was unwilling to disclose the trip or his future plans in public.
Botha’s ties to GSPartners stem from his efforts to entice CBI Global investors to participate in the Ponzi scheme.