NI says on their website that the plug dont work in cubase at the moment, but they are working on a fix for it. That would explain why some got it working and others dont.
Thanks. Good news.
What a surprise for Christmas! 
Thanks, great to know. Kinda what I suspected. The message on the NI site wasn’t up when I initially posted.
Got blacklisted here too + after I’ve installed Phasis I curiously couln’t close Cubase anymore other than killing it with the task manager.
I’ve uninstalled it, now I can close Cubase properly
This. All works fine now. And on Windows 10.
Same problem on w7/cubase 9.5.1. I put it out of my vst folder…and cubase started to work again…
Installed Phasis and running fine here in Cubase 9.5.1. Running Windows 10 on my five-year-old PC. My video adapter is an AMD Radeon, which might be the key factor. Just a guess.
Phasis also crashed my Cubase 9.5.
Win 7