Georgia’s National Bank has said the firm is not a regulated entity under Georgian law. The company was registered and founded by Iranian national Savash Kaivanpur, who according to the US also holds Dominican and Afghanistani passports. As with other Russian-linked crypto entities previously implicated in similar cases, Georgia’s National Bank has distanced itself from any responsibility following the announcement. National Bank Governor Natia Turnava, as well as a spokesperson, confirmed the statement without elaborating further when contacted by OC Media. On Thursday, the Vice President of the National Bank, Nino Jeladze, also confirmed the bank’s position through an email statement.