---
title: "Botswana NBFIRA Lists Licensed VASPs, Flags Unlicensed Crypto"
description: "Botswana regulator NBFIRA warned the public about unlicensed VASPs and listed seven licensed virtual asset service providers under the 2025 Act."
canonical_url: "https://liners.com/news/botswana-nbfira-licensed-vasps-unlicensed-crypto-warning"
markdown_url: "https://liners.com/news/botswana-nbfira-licensed-vasps-unlicensed-crypto-warning.md"
type: "article"
language: "en"
published_at: "2026-09-26T18:33:26.776Z"
updated_at: "2026-09-26T18:33:30.922Z"
---

# Botswana NBFIRA Lists Licensed VASPs, Flags Unlicensed Crypto

Botswana regulator NBFIRA warned the public about unlicensed VASPs and listed seven licensed virtual asset service providers under the 2025 Act.

## Breadcrumbs

- [News](/news)
- [Botswana NBFIRA Lists Licensed VASPs, Flags Unlicensed Crypto](/news/botswana-nbfira-licensed-vasps-unlicensed-crypto-warning)

## Content

## In Short
Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has warned consumers against using unlicensed virtual asset service providers, also known as VASPs. It also published a list of seven VASPs that are licensed under the Virtual Assets Act, 2025.

## What Happened
In a public notice dated September 25, 2026, NBFIRA cautioned members of the public against transacting with unlicensed virtual asset service providers, including unlicensed online platforms.

A VASP is a company that offers crypto services, like buying and selling crypto, holding customer crypto in a wallet (similar to a bank holding money), or moving crypto for customers.

NBFIRA listed seven licensed VASPs with “no compliance issues” under the Virtual Assets Act, 2025. These are Yellow Card Botswana (Pty) Ltd, Express Minds (Pty) Ltd, Temtum Services (Pty) Ltd, Kalahari Exchange (Pty) Ltd, Lebebe Au & Bc (Pty) Ltd, [Xago](/xago) Technologies (Pty) Ltd, and Transkalahari Advisory Group (Pty) Ltd.

The regulator pointed to Section 9 of the law, which bans anyone from operating a virtual asset business without a licence. It also highlighted Section 36, which sets penalties for operating without a licence, up to P1,000,000 in fines, up to 10 years imprisonment, or both.

NBFIRA asked consumers to verify providers and report suspicious activity using its official phone numbers and email.

## Why It Matters
Botswana’s notice is a reminder that crypto regulation is now enforced through licensing and compliance checks, not just guidance.

For users, using an unlicensed exchange or trading platform can mean fewer safeguards if funds are lost, stolen, or frozen. NBFIRA explicitly warned about fraud risk, financial loss, and lack of regulatory protection.

For crypto and fintech operators, the message is simple, licensing status is becoming a core trust signal. Being listed as licensed, and having no compliance issues, can also reduce partner risk for banks, payment firms, and institutional customers that need regulated counterparties.

## Sources and products

- [NBFIRA](https://www.nbfira.org.bw/news/caution-against-transacting-business-with-unlicensed-virtual-asset-service-providers-vasps)
- [Xago](/xago)

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- [Policy & Regulation](/news)

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