The National Bank of Georgia (NBG) is inspecting Cryptomat, a virtual asset service provider co-owned by Giorgi Bachiashvili, and says he has been removed from the company’s operations following the suspension of his voting rights.
In a written response to BMG, the central bank said it had inspected 51 non-bank entities under its supervision in 2026. Information about any violations identified at Cryptomat and potential sanctions will be published on the NBG’s website after the inspection is completed.
The regulator also rejected allegations by rival crypto company Bitxchange that it had granted Cryptomat preferential treatment in customer identification and verification requirements. The NBG said the same anti-money laundering and counter-terrorist financing rules apply equally to all entities in the sector.
According to the central bank, an inspection found that Bitxchange had provided services to customers 572,033 times without the required identification or verification during the period reviewed. The regulator said the violations carried a GEL 1,000 fine per case, resulting in a total penalty of GEL 572.033 million.
Bitxchange has also questioned Bachiashvili’s continued ownership stake in Cryptomat, citing restrictions on participation by individuals convicted of serious crimes. The NBG said a court-imposed seizure of the company shares currently restricts changes to its beneficial ownership. Following the regulator’s instructions and in accordance with the company’s charter, Bachiashvili’s voting rights were suspended, removing him from involvement in the company’s operations.
Cryptomat has previously rejected Bitxchange’s allegations of favoritism by the regulator, describing the accusations as absurd.
