A member of Georgia’s central bank board and Georgian Dream loyalist, Nana Keinishvili, has been exposed allegedly demanding an ownership stake in a cryptocurrency exchange regulated by the bank. The company’s refusal was followed by a staggering GEL 572 million (approximately USD 210 million) regulatory fine. Georgia’s State Security Service had possessed covert recordings of the alleged scheme since 2024 but took no publicly disclosed action until the scandal was about to be exposed by Georgian Service of Radio Free Europe/Radio Liberty (RFE/RL).
According to an investigation by RFE/RL's Georgian Service, Keinishvili, a former ruling Georgian Dream MP, demanded a stake in BitExchange, a cryptocurrency company operating under the supervision of the National Bank of Georgia, offering regulatory protection and assistance in expanding its business in return.
In the covertly recorded conversation, Keinishvili also refers to Georgian Dream founder and billionaire Bidzina Ivanishvili as someone "very dear" to her, invoking her personal closeness to the country's most powerful political figure.
The company's owner refused to surrender shares. Subsequently, the National Bank imposed a GEL 572 million fine on BitExchange, officially citing violations of anti-money-laundering and counterterrorism-financing regulations. The businessman eventually left Georgia, according to RFE/RL.
Crucially, the State Security Service of Georgia (SSSG) had been in possession of evidence documenting Keinishvili's alleged demands since 2024. A covert recording of her conversation with the company's owner was made in coordination with the security service and handed over to it by BitExchange representatives. Nevertheless, no publicly disclosed legal action followed against the central bank official.
Instead, the company that had reported the alleged misconduct faced an enormous regulatory fine. RFE/RL spent two months investigating the allegations, uncovering evidence that Keinishvili and her family members allegedly own or control several profitable businesses regulated by the National Bank, despite legal restrictions prohibiting such conflicts of interest.
On October 6, RFE/RL sent written questions to the State Security Service and the National Bank concerning the alleged extortion and the authorities' prior knowledge of the evidence. Neither institution answered the specific questions.
Three days later, on October 9, the Prosecutor General's Office announced an investigation into Keinishvili's alleged illegal participation in entrepreneurial activities. The National Bank simultaneously announced that its Board would consider temporarily excluding Keinishvili from its sessions pending the investigation.
Prosecutors confirmed that the evidence included statements and audio recordings provided by BitExchange executives. They said the materials indicated that Keinishvili directly controlled a network of businesses regulated by the National Bank, with ownership formally registered under the names of relatives and affiliated individuals.
The Prosecutor General's Office also confirmed allegations that Keinishvili had attempted to acquire shares in another business regulated by the central bank.
Under Georgian law, National Bank Board members and their family members are prohibited from holding ownership interests in financial-sector entities regulated by the institution. Keinishvili served as an MP for the ruling Georgian Dream party between 2012 and 2016, including as Deputy Chairperson of Parliament's Budget and Finance Committee. She was appointed to the National Bank's Board in September 2023.
The revelations raise serious questions about alleged corruption within Georgia's financial regulatory system and the conduct of the country's security agencies. The State Security Service had possessed evidence of the alleged scheme since 2024, yet the authorities publicly announced an investigation only after learning that RFE/RL was preparing to expose it.
The chronology also raises questions about whether the National Bank's enormous fine against BitExchange was a legitimate regulatory measure or retaliation against a company whose owner refused to surrender a stake to a senior official.
Neither the National Bank nor the State Security Service has publicly provided a substantive explanation for its handling of the evidence since 2024.
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