The Investigation Service of Georgia's Ministry of Finance has detained a manager operating a shadow virtual asset service provider. Officers carried out targeted operational actions following evidence of large-scale unregistered financial operations.
Unregistered Operations and Off-Market Conversions
Investigators established that the accused operated without required registration from the National Bank of Georgia. The entity processed cryptocurrency transactions valued in the tens of millions of dollars, facilitating direct conversions of virtual assets to cash.
According to official statements, the platform enabled uncontrolled international financial flows within the country, operating outside national regulatory oversight.
Evidence Seized and Potential Penalties
During searches, law enforcement seized computer hardware, dozens of bank cards, business documentation, $83,903 and €300 in cash, alongside cryptocurrency valued at $79,600.
The suspect faces between three to five years in prison for illegal commercial activity. Authorities are continuing operations to identify accomplices and investigate potential money laundering and tax evasion.
