The National Bank of Georgia (NBG) says its administration has no authority to investigate or examine the activities of members of its board, responding to BMG questions about an internal review involving board member Nana Keinishvili.
According to the NBG, cryptocurrency company Bitxchange submitted information and materials concerning Keinishvili’s alleged illegal activities in July and August 2026. The materials were initially provided in writing, followed by audio recordings on August 26.
At the instruction of the NBG president, the bank conducted a preliminary internal review. The regulator said, however, that verifying a significant portion of the allegations required the involvement of law enforcement authorities and fell outside its legal mandate.
The NBG did not directly confirm whether Keinishvili had been informed of the review or questioned as part of it. Its response indicated that the administration had not communicated with her before referring the case to the Prosecutor’s Office.
“The National Bank’s administration and the activities and functions of the National Bank Council are separate. The administration has no authority to examine or investigate the activities of a board member. Likewise, a board member has no right to interfere in the administration’s ongoing work, including an investigation,” the NBG said.
Keinishvili, who was accused of illegal business activity, subsequently resigned from the NBG Council at her own request. The Prosecutor’s Office has confirmed that an investigation is ongoing, but it remains unclear whether Keinishvili or Bitxchange’s owner and director have been questioned. Both are reportedly outside Georgia.
The case gained attention following a Radio Free Europe/Radio Liberty investigation alleging that Keinishvili had asked Bitxchange’s owner for an ownership stake. The owner reportedly recorded her covertly in coordination with Georgia’s State Security Service (SSSG) and sent the material to the agency in 2024, but no response followed.
In 2026, the NBG fined Bitxchange more than GEL 500 million.
Under Georgia’s Organic Law on the National Bank, the nine-member NBG Council exercises the bank’s highest-level management and supervision. Council members are appointed by Parliament for seven-year terms upon nomination by the President of Georgia.
