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The first thing you’ll notice upon visiting CBI Global’s website is a VASP registration message:

CBI Exchange (Pty) Ltd is a Financial Intelligence Centre (FIC) Namibia – registered Virtual Asset Service Provider. Please read the VASP Disclaimer.

Coenie Botha felt he could get away with not registering CBI Global with the Bon.

Botha, it turns out, was also lying about his Ponzi scheme. Shocking.

Virtual Asset Service Provider (VASP) is an acronym for Virtual Asset Service Provider. This is a genuine item that Namibia’s Financial Intelligence Center demands registration for.

I want to make clear that a VASP license has nothing to do with securities and is not a replacement for 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) claimed it never licensed CBI Exchange Namibia to function or carry-on business in the Virtual Asset market since it is not a prudential licensing body, as reported by 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 permits the company to provide certain services to the public under the FIC’s jurisdiction.

While CIB is registered by the provisions of the Financial Intelligence Act, it does not amount to prudential licensing, according to the Centre, and CBI must ensure full compliance with all relevant prudential licensing requirements and other legislative requirements may be subjected to.

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, seems far more credible.

Institutions planning to or currently providing financial services to the public, as stated by the Namibia Economist, must be prudentially regulated by competent prudential authorities such as the Bank of Namibia or the Namibia Financial Institutions Supervisory Authority (NAMFISA).

Botha will not get his CBI Global registered with BoN. That would expose the Ponzi scheme.

Botha is instead suing BoN for the right to operate a Ponzi scheme in Namibia. That lawsuit is still in progress.

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 intentions in public.

Botha’s links to GSPartners stem from his efforts to entice CBI Global investors to join his Ponzi scheme.

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