National Bank of Georgia fines Bitexchange 572M GEL amid Keinishvili probe

The National Bank of Georgia has fined the crypto company Bitexchange 572,118,000 GEL for significant regulatory violations. The penalties stem from 572,033 instances where the company failed to perform mandatory customer identification and verification, alongside two instances of providing incorrect documentation during inspections.

Following these findings and a journalistic investigation, the Prosecutor General's Office of Georgia launched an investigation into Nana Keinishvili, a member of the National Bank's supervisory board. The investigation focuses on potential illegal business activities under Article 337 of the Criminal Code. Allegations suggest Keinishvili was involved in business activities through family members and attempted to gain stakes in regulated entities.

The National Bank of Georgia has issued a statement distancing itself from Keinishvili's actions, asserting that she acted alone. The Board has unanimously decided to recuse her from all activities related to the National Bank until the investigation is concluded. The Bank clarified that as a non-executive member, she had no operational mandate or influence over the supervision of virtual asset service providers.