Unregistered Crypto Service Provider Manager Arrested in Georgia

Georgia's Investigation Service under the Finance Ministry has arrested a manager at an unregistered crypto service provider accused of facilitating tens of millions of dollars in uncontrolled international transactions.

The agency said the unnamed suspect ran virtual asset transactions, including crypto-to-cash conversions, 'without mandatory registration with the National Bank of Georgia.' Investigators seized computer equipment, dozens of bank cards, documents, $83,903 and 300 euros in cash, and crypto worth $79,600.

The case falls under Article 192-2-a of the Criminal Code, covering illegal entrepreneurial activity by multiple people, punishable by three to five years in prison. The agency said it is working to identify others involved and uncover possible tax evasion and money laundering.