Tbilisi (GBC) – The National Bank of Georgia has reviewed the circumstances outlined in letters from representatives of Bitxchange LLC and conducted a preliminary internal review within the scope of its authority.

According to the National Bank, since the legal verification of the facts mentioned in the letter falls outside the mandate defined by the legislation governing the National Bank, the materials have been forwarded to the competent authorities for further action. The National Bank hopes that the objective truth regarding these circumstances will be established in a timely manner.

Furthermore, pending the investigation and until the matter is fully clarified and in adherence to high reputational standards—the Board of the National Bank will consider the issue of temporarily recusing Nana Keinishvili from Board meetings during its upcoming session.

As for the virtual asset service provider Bitxchange LLC itself, the National Bank reports that the entity has been fined following a scheduled inspection for violating regulations on the prevention of money laundering and terrorist financing.