Crypto-to-fiat Exchange

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In recent years, cryptocurrency has become one of the most popular financial tools in Georgia, both for individuals and businesses. Expats use it to transfer money from abroad, while locals often see it as a way to preserve capital or receive payments from international companies.
However, alongside this growth, another problem has emerged: bank account freezes linked to cryptocurrency transactions.
On expat Telegram channels and crypto forums, dozens of stories begin with: “my card was blocked after selling crypto via P2P”. Clients report long compliance checks, repeated requests for documents, and even complete account closures.
This raises a natural question: how real are the risks of having your account blocked in Georgian banks? And what is the policy of the country’s largest players — Bank of Georgia (BoG), TBC, and Credo?

Position of the bank. BoG officially states that crypto-related transactions are not prohibited, but they are subject to enhanced monitoring. The bank reserves the right to request documents proving the source of funds.
Cases. Numerous reports show that even transfers from large P2P platforms triggered freezes at BoG. Clients were asked to provide exchange account screenshots, transaction history, or contracts with employers. In some cases, accounts were closed entirely when the explanations were deemed insufficient.
Conclusion. BoG enforces the strictest policy, with above-average risk of account freezes. For individuals actively using crypto, this can become a significant issue.

Position of the bank. TBC does not prohibit crypto operations directly. However, any large or regular transactions automatically fall under the compliance department’s scrutiny.
Cases. Users report that TBC did freeze accounts but was quicker to unlock them compared to BoG — provided that documents were submitted. In many cases, accounts were restored without closure.
Conclusion. TBC may be seen as a “compromise option.” The chances of resolving issues with the bank are higher, but risks still remain.

Position of the bank. Credo is smaller in scale but actively works with individuals and small businesses. While willing to cooperate with clients receiving income from abroad, the bank classifies crypto-related transfers as high-risk.
Cases. Some users claim Credo often overlooks smaller transfers from P2P (under $1,000). But for regular payments or amounts above $5,000, compliance checks are almost always triggered.
Conclusion. Credo may be more tolerant with small amounts, but in the long run it is not a reliable option for crypto users.

● Contact the bank immediately. Clarify the reason and request a list of required documents.

● Provide explanations. Exchange confirmations, account statements, or contracts with employers.

● Expect lengthy checks. Typically ranging from 2 to 6 weeks.

● Stay calm. Aggressive communication rarely helps; transparency is more effective.

● Consider alternatives. If your bank closes the account, prepare a backup plan — open an account at another bank or use licensed exchanges.

It’s important to note: cryptocurrency itself is not prohibited in Georgia. The National Bank of Georgia (NBG) has repeatedly confirmed that individuals can own and use digital assets. However, banks are required to monitor suspicious transactions under AML/CFT regulations.

● P2P exchanges. Funds often come from unknown individuals, making it difficult for banks to verify the source.

● Unlicensed exchangers. Such services route money through third-party accounts. Banks see these chains as suspicious and prefer to block them.

● Lack of transparency. If the client cannot explain the source of funds, banks err on the side of caution.

In other words, it’s not cryptocurrency itself that gets accounts blocked, it’s non-transparent transfers from questionable sources.

A completely different scenario unfolds when working with companies officially licensed by the National Bank of Georgia to exchange cryptocurrency. Unlike P2P or gray-market exchangers, such services operate under strict rules and transparent procedures.
What does this mean in practice?
● Verified source of funds. Transfers come from a registered legal entity, not an unknown individual.

● Banks recognize a trusted counterparty. Transactions from licensed companies do not appear suspicious.

● Legal protection. Clients can always provide contracts, transaction confirmations, and bank statements as proof.

● AML/KYC compliance. Licensed exchanges verify clients and transactions in advance, ensuring funds are clean before they reach the bank.

● Predictability. Clear fees, processing times, and no risk of sudden shutdowns.

● Reputation benefits. Freelancers, employees, and businesses demonstrate transparency in their income sources.

● Access to large amounts. Licensed exchanges can process anything from a few hundred dollars to millions, unlike P2P or ATMs.

Using licensed exchangers turns crypto withdrawals into ordinary bank transactions - safe for both clients and banks.

Pros:
● Direct withdrawals to bank accounts;

● Convenient for buying and selling large amounts of crypto;

● Some offer crypto cards for everyday use.

Cons:
● Higher fees (2–3%);

● Lower withdrawal limits;

● Strict compliance requirements.

Best for: users who need occasional purchases or withdrawals within standard limits.

Pros:
● Direct transfers to BoG, TBC, Credo, and other Georgian banks;

● Low fees (0–1.5%);

● Support for GEL, USD, EUR, GBP, and other currencies;

● Ability to handle very large transactions (up to millions of dollars);

● Fast execution and personalized service.

Cons:
● Mandatory KYC, but this is required by law and ensures transactions remain legal.

Best for: expats, businesses, and investors who need regular, transparent crypto-to-fiat operations from salaries to property sales.

GeCrypto is a licensed cryptocurrency exchange in Georgia, operating in full compliance with the National Bank and international AML standards.
Clients get:
● Direct transfers to BoG, TBC, Credo, and other banks without freeze risks;

● Transparent and competitive fees (0–1.5%);

● Support for transactions up to millions of dollars;

● Multi-currency withdrawals (GEL, USD, EUR, GBP, etc.);

● Full legal protection: transactions are processed “in the white,” eliminating issues with banks or police.

Account freezes in Georgian banks are not caused by crypto itself, but by gray-market exchanges and P2P transactions. These sources are opaque, and banks must act cautiously.
The solution is simple: work only with licensed services. Exchanges are fine for small operations, but for larger or regular transfers, specialized exchangers are the optimal choice.
GeCrypto enables safe, legal withdrawals of cryptocurrency to Georgian banks - whether it’s salary payments, investment returns, or large one-off transfers. This is the perfect balance of convenience, low fees, and compliance.
So the real question today is not “can my account be blocked for crypto?”, but “how do I withdraw crypto safely so it doesn’t happen?” The answer: through licensed services like GeCrypto.

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