Caution Against Transacting Business With Unlicensed Virtual Asset Service Providers (VASPS)

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) hereby cautions members of the public against transacting business with unlicensed virtual asset service providers including unlicensed online platforms.

The following are the licensed virtual asset service providers in terms of the Virtual Assets Act, 2025, with no compliance issues:

1. Yellow Card Botswana (Pty) Ltd
2. Express Minds (Pty) Ltd
3. Temtum Services (Pty) Ltd
4. Kalahari Exchange (Pty) Ltd
5. Lebebe Au & Bc (Pty) Ltd
6. Xago Technologies (Pty) Ltd
7. Transkalahari Advisory Group (Pty) Ltd

Section 9 of the Virtual Asset Act, 2025 states that:
“A person shall not carry out or participate in a virtual asset business, unless the person is the holder of a virtual asset service provider license issued in terms of section 11…”

Section 36 of the Act further states that:
“A person who carries out a virtual asset business in contravention of this Act commits an offence and is liable, where no specific penalty is provided, to a fine not exceeding Pl 000 000, or imprisonment for a term not exceeding IO years, or to both….”

Important Reminder
The public is further cautioned that the use of any other VASP, than those listed above, including online platforms exposes consumers to significant risks, including financial loss, fraud, and absence of regulatory protection.

Contact NBFIRA
For verification or to report suspicious activities, please contact:
Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Tel: +267 3686100 / 3102595
Email: info@nbfira.org.bw
Website: www.nbfira.org.bw