CBI Global investors drowning in fees, KYC & withdrawal limits
The greater the efforts Coenie Botha goes to keep his CBI Global Ponzi running, the harder his investors get screwed.
The latest is 16% deposit fees, withdrawal fees, KYC roadblocks and hard daily withdrawal limits.
Coenie Botha’s regulatory problems got serious when the Bank of Namibia froze his fiat assets back in March.
This prompted Botha (below) to migrate his Ponzi scheme to DafriBank.
DafriBank is a shady offshore financial service provider incorporated on Comoros Island.
As per a May 9th email sent out to CBI Global investors, here’s how that’s going;
WE SINCERELY APOLOGISE for the misunderstanding regarding withdrawal fees via DafriBank.
The fees for USDT DEPOSITS are 10% or 3% (if you own DBA, which is the case with us).
In order for us to transfer your withdrawal, we make the deposit in USDT and that demands a fee of 3% from us. Previously this fee was 0%. Then to make an internal transfer is another 1%.
Unfortunately we cannot carry the additional fee of 3% so charged and added that with the 1% transfer fee.
This is where the message of the withdrawal fee that increased to 4% was misunderstood.
The bottom line is: No matter how you read it, the costs for us to get the funds to you has increase from 1% to 4% because of the additional 3% we have to pay to get the funds to you.
Making a BTC Deposit into DafriBank requires a deposit fee of 16% which makes this way still much cheaper.
We trust the misunderstanding is now clear.
CBI Global investors are being slugged with a 16% DafriBank deposit fee. Even if they jump through CBI Global’s hoops, they’re charged 4%.
Remember, this is just to participate in CBI Global.
Once fees are paid and investor funds are trapped in CBI Global, “new KYC regulations” must be dealt with.
As per another April 13th email to CBI Global investors;
DUE to the new KYC Regulations, that we need to comply with regarding our VASP License, we can only honour the following payment conditions until all our members have complied with the KYC Requirements on all 4 Levels.
Botha claims KYC regulations means he’s had to limit CBI Global withdrawals to:
- 20,000 CBI Ponzi points a day in fiat and
- 1 BTC a day from the CBI Global backoffice
Botha claims even if he didn’t restrict withdrawals, investor
bank accounts get flagged by your bank, in any case, if your account exceed these limits!
KYC is regularly trotted out by Ponzi schemes in their dying days as a means to restrict withdrawals.
That CBI Global can achieve any meaningful KYC when it is under regulatory investigation in Namibia and South Africa, where most of its investors are based, is laughable.
In an attempt to legalize Ponzi schemes in Namibia, Botha sued the Bank of Namibia last month. There have been no further public updates to the case.