NBG: Inspection process for any entity subject to NBG supervision strictly confidential
The National Bank of Georgia (NBG) issued a statement regarding the imposition of a fine on Bitexchange LLC.
The NBG reconfirms that it fully distances itself from the fact of NBG Board member Nana Keinishvili’s possible illegal participation in entrepreneurial activities.
The inspection process for any entity subject to the supervision of the National Bank of Georgia is strictly confidential; access to the information is restricted to the relevant team, excluding all other persons, including members of the Board.
According to the statement, in light of the National Bank’s high reputational standards, the Board unanimously decided to recuse Nana Keinishvili from participating in the activities of the NBG Board pending the conclusion of the investigation and the establishment of the objective truth.
“We note that Nana Keinishvili acted independently, as confirmed by an audio recording made by the company’s representative in which she speaks about her plans and goals. Besides, the supervision of virtual asset service providers at the National Bank did not fall within Nana Keinishvili’s area of oversight; consequently, she could not have influenced the decision-making process in any way.
The inspection process for any entity subject to the supervision of the National Bank of Georgia is strictly confidential; access to the information is restricted to the relevant team, excluding all other persons, including members of the Board.
Hereby, we clarify that Nana Keinishvili was a non-executive member of the Board. Consequently, she did not participate in day-to-day executive management and did not hold a mandate for operational management,” reads the statement.
Regarding the National Bank’s imposition of a fine on the virtual asset service provider Bitexchange LLC, the NBG states that the inspection in question was conducted as a scheduled procedure in February 2026.
“Consequently, the statement by the Bitexchange LLC representative, claiming that the fine is linked to information they provided to the NBG, is baseless and not true,” the bank said.
The NBG added that Bitexchange LLC had been fined for violations regarding the prevention of money laundering and terrorist financing, as well as for a number of other violations.