Crypto Scams in Georgia
Georgia's crypto-friendly regulatory environment and significant Bitcoin mining sector attract both legitimate operators and fraudsters running fake exchanges and investment pools.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Georgia has become notable in the cryptocurrency space for its low energy costs, crypto-friendly regulations, and significant Bitcoin mining activity. This creates a dual reality: genuine crypto businesses operate legally, while fraudsters exploit Georgia's crypto-positive reputation to give fake exchanges and investment schemes a veneer of legitimacy.
Georgian residents, particularly in Tbilisi's growing tech and finance community, are exposed to both internationally operated crypto fraud and locally run schemes. The National Bank of Georgia has issued warnings about unregulated crypto investment platforms, but awareness in the broader public remains uneven.
How this scam works on Georgia
Fake cryptocurrency exchanges claiming Georgian registration lure victims with low fees and high return investment pools. Social media advertisements in Georgian and Russian target residents with promises of easy crypto mining income or guaranteed trading returns.
Some schemes operate as unregistered investment pools, collecting crypto deposits from many participants with promises of professional trading management. These either collapse outright or drain funds gradually through opaque 'management fees'.
Georgia's large Russian-speaking population is also targeted by Russian-language crypto fraud operations that exploit cross-border trust and shared language.
Phishing attacks impersonating Georgian crypto exchanges or payment processors are also common, targeting users' wallet credentials and private keys.
Common red flags
- A crypto platform claims Georgian registration but cannot be verified against National Bank of Georgia records.
- Guaranteed monthly returns on crypto deposits are promised.
- An investment pool manager discourages withdrawals by citing compounding benefits.
- Phishing emails or SMS claim to be from a Georgian crypto exchange requesting login credentials.
- Social media advertisements promise crypto mining income requiring an upfront equipment or pool fee.
How to protect yourself
- Verify any crypto platform claiming Georgian authorisation through the National Bank of Georgia.
- Never share wallet seed phrases or private keys with any third party.
- Be sceptical of guaranteed-return crypto investment pools.
- Use only established, internationally recognised exchanges for crypto transactions.
- Enable two-factor authentication using an authenticator app rather than SMS on all exchange accounts.
How to report it
- Report to the National Bank of Georgia financial consumer protection division at nbg.gov.ge.
- File a cybercrime report with the Georgian Police.
- Notify your exchange if you suspect your account has been compromised.
Frequently asked questions
Is cryptocurrency legal in Georgia?
Cryptocurrency is broadly legal and relatively unregulated in Georgia, which benefits legitimate users but also means consumer protections are limited. The National Bank of Georgia advises caution with unregulated crypto platforms.