Best Crypto OTC Desks in Georgia (2026): The Complete Bitnxt Guide

Georgia is a small country with an outsized crypto economy. With about 3.7 million people, it ranks among the world's top countries for crypto adoption relative to population. Freelancers in Tbilisi get paid in USDT. Expats and digital nomads convert stablecoins into lari to pay rent. Businesses settle cross-border invoices in crypto and cash out locally. And because Georgia does not tax resident individuals on crypto gains, a steady stream of investors has made it their base.

Most of that money goes through OTC desks and licensed exchange offices: places that give you a quoted rate and pay you in cash or straight to your bank account, rather than an exchange order book.

The challenge is telling the good operators from the risky ones. Until a few years ago, much of Georgia's crypto exchange business happened in apartments and unmarked offices with no receipts. Today the National Bank of Georgia (NBG) supervises the sector, but unregistered operators still exist, and some have ended up on US and UK sanctions lists. This guide explains how crypto OTC in Georgia works, which providers are registered, what the rules are and how to protect yourself.

Quick Answer: The Best Crypto OTC Desks in Georgia

There is no single best desk for everyone. The right choice depends on whether you want cash or a bank transfer, how much you are converting, and whether you are an individual or a company. Based on public information about NBG registration and published services:

• Best for USDT to cash and larger OTC trades: GeCrypto (Tbilisi)

• Best for GEL bank transfers and online exchange: Cryptal

• Best if you already trade on a big exchange: Bybit Georgia

• Best app with payouts to Georgian bank cards: AllTrust

• Best walk-in office for cash and non-cash in GEL, USD and EUR: Gaus Crypto

• Other early NBG-registered names to check: Bitanica, Mycoins, BitExchange, Cryptomat

Before you trade with anyone, search the company on the NBG register of virtual asset service providers (nbg.gov.ge) and ask to see its registration act. Since January 2026, every registered provider must display that act in its offices, on kiosks, and on its website and app. If they can't show it, walk away.

What Is a Crypto OTC Desk?

OTC means "over the counter". Instead of placing an order on a public exchange, you deal directly with a provider. You tell them what you want to buy or sell, they quote a rate for the full amount, and if you accept, the trade settles directly between you and them, in cash, by bank transfer or in crypto.

In Georgia, the term covers two kinds of service:

• Crypto exchange offices. Walk-in offices in Tbilisi and Batumi where you can swap USDT or Bitcoin for lari, dollars or euros, usually for everyday amounts.

• OTC desks for larger trades. Desks that handle bigger tickets for individuals and companies, often with a manager who quotes a negotiated rate and pays out by bank transfer, SWIFT or cash.

Many Georgian providers do both. Either way, the benefit over an exchange order book is the same: one agreed rate for the whole amount, no slippage, and a direct route into fiat.

OTC desk vs exchange vs P2P vs crypto ATM

Why Georgia Has Become a Crypto Hub

• Tax. Georgia uses a territorial tax system. Crypto income is generally treated as non-Georgian-source income, so resident individuals pay 0% on crypto gains. Converting crypto to fiat is also outside VAT.

• A clear regulator. Since 2023, crypto service providers must register with and be supervised by the National Bank of Georgia. In 2024, the Council of Europe's MONEYVAL assessment rated Georgia "largely compliant" with the FATF standard for virtual assets.

• Location. Georgia sits between Europe, Turkey, Russia, Central Asia and the Middle East, and draws clients from all of them.

• Banking that works with crypto. Registered providers settle through Georgian banks such as Bank of Georgia, TBC, Liberty and Credo, so getting lari into a local account is straightforward.

• A growing stablecoin framework. In 2026 the NBG adopted rules that let registered companies issue stablecoins pegged to the lari or foreign currencies, with full reserve backing and quarterly audits.

Is Crypto OTC Trading Legal in Georgia?

Yes, as long as the provider is registered. Under the Organic Law on the National Bank of Georgia, providing virtual asset services without NBG registration is strictly prohibited. That covers exchanging crypto for fiat (including through kiosks), transferring crypto, custody, trading platforms, portfolio management, lending and token offerings.

Points that trip people up:

• Georgia uses "registration", not a "licence". Providers often say they are "licensed by the NBG". What matters is that they appear on the NBG's VASP register.

• Free Industrial Zones are not exempt. Some operators set up in Tbilisi or Kutaisi Free Industrial Zones and claim they don't need NBG registration. The NBG has said clearly that they do.

• Registration now names the service. Under amendments adopted in September 2026, each registration decision states exactly which services the provider may offer, and the public register shows this. A provider registered only for transfers should not be running a trading platform.

• Banks can offer crypto services too. Commercial banks, microbanks, microfinance organisations and brokerage companies may provide virtual asset services, subject to specific restrictions.

What a registered provider has to meet

The NBG has been tightening supervision steadily. Under the September 2026 amendments:

Providers that offer several services must meet the highest applicable minimum. Registered providers must also put in place new risk management, cybersecurity and business continuity frameworks. Existing providers have until 1 July 2027 for the risk management rules and 1 September 2027 for the capital rules.

The Best Crypto OTC Desks in Georgia for 2026

The list below includes providers that publicly state they are registered with the NBG, or that appear in public reporting of NBG registrations. Bitnxt has not traded with these providers, so this is not a performance ranking. It is a shortlist based on registration, published services and who each provider suits. Registrations can change, so always confirm on the NBG register before sending funds.

1. GeCrypto: best for USDT to cash and larger OTC trades

GeCrypto is a Tbilisi-based crypto-to-fiat OTC exchange founded in 2022. It says it is registered with the NBG and was one of the first names on the register in October 2024. It reportedly took around 20% of the domestic exchange market within six months of licensed operation, and says it has served more than 10,000 clients.

• What stands out: USDT-focused OTC with cash payouts at its Tbilisi office, plus bank transfers to Georgian banks (Bank of Georgia, TBC, Liberty and others) and international SWIFT transfers, added in April 2026.

• Currencies: USD, EUR, GEL and AED.

• Best for: individuals and companies converting meaningful amounts of USDT, BTC or ETH into cash or bank money.

• Ask about: fees, limits and documents for larger trades, which it does not publish.

2. Cryptal: best for GEL bank transfers and online exchange

Cryptal, operated by Digital Ledger Technologies LLC, was among the first five providers in the NBG's VASP database, according to reporting from March 2024. It runs an online exchange with strong lari support.

• What stands out: GEL deposits and withdrawals by bank transfer (free, according to public comparisons), BOG Pay, TBC Pay, cards, Apple Pay and Google Pay, plus a lari-pegged token called TOGEL.

• Best for: residents who want to move between crypto and lari online without visiting an office.

• Trade-off: built as an exchange first, so ask directly about OTC quotes for large amounts.

3. Bybit Georgia: best if you already trade on a big exchange

Bybit operates locally through Bybit Georgia Limited LLC, which public comparisons list as registered with the NBG as a VASP. Bybit also launched its payment card in Georgia in March 2026.

• What stands out: a global exchange with an OTC desk, a Georgian-language interface and GEL deposits through Georgian bank cards, Apple Pay and Google Pay.

• Best for: active traders who want larger quoted fills without leaving a platform they already use.

• Trade-off: make sure your account is with the Georgian entity, not just the global platform.

4. AllTrust: best app with payouts to Georgian bank cards

AllTrust displays an NBG registration number on its website and runs a crypto exchange app for iOS and Android.

• What stands out: direct payouts to local bank cards (TBC, Credo, Bank of Georgia), so you do not have to carry cash. Office open daily.

• Best for: expats and freelancers converting crypto to lari regularly in everyday amounts.

• Ask about: limits and rates for larger trades.

5. Gaus Crypto: best walk-in office for GEL, USD and EUR

Gaus Crypto describes itself as an NBG-registered provider with a physical office in Tbilisi. It serves individuals and companies and is building a fully online platform.

• What stands out: exchanges between crypto and GEL, USD or EUR, in cash or by transfer, with receipts, KYC and stated transaction monitoring.

• Best for: people who prefer a face-to-face service with paperwork.

• Ask about: published fees and whether it offers dedicated OTC pricing for large trades.

6. Other early registered providers: Bitanica, Mycoins, BitExchange, Cryptomat

Public reporting from March 2024 named Bitanica and Mycoins among the first NBG-registered VASPs, with BitExchange and Cryptomat registered soon after. These are worth comparing on rates, but check their current status and registered services on the NBG register first, since registrations can be updated or cancelled.

What about Binance, OKX and other global exchanges?

Many people in Georgia buy and sell lari through P2P markets on large global exchanges. According to public comparisons, several of these do not have NBG registration, and users trade through offshore entities. That is a different risk from using a registered local provider: your counterparty on P2P is another user, and lari arriving in your bank account from a stranger can lead to your account being frozen if those funds are linked to fraud.

What about cash desks in apartments and free zones?

Avoid them. The NBG has repeatedly found people offering crypto services without registration, including in Free Industrial Zones, and has passed information to law enforcement. In May 2026 the UK sanctioned three Georgian-registered companies, one of them allegedly linked to the sanctioned Russian exchanges Garantex and Grinex. In August 2026 the US Treasury sanctioned Shelbit, a Georgia-registered company. The NBG said none of these companies had ever been registered with it. If you trade with an unregistered desk, you risk losing your money, and you may receive crypto that later gets frozen.

Side-by-Side Comparison

Note: "NBG status (public)" reflects what the provider or public reporting states. Always verify on the NBG register.

How to Choose the Right OTC Desk in Georgia

1. Is it on the NBG register, and for which service? Search the company name on nbg.gov.ge and ask to see the registration act. Check that the registered service covers exchange, not just transfers.

2. Is the rate firm and all-in? Ask whether the quoted rate is exactly what you will receive, with no extra commission or "processing fee" added at the counter.

3. How do you want to be paid? Cash, a GEL transfer to a Georgian bank, a USD or EUR transfer, or SWIFT abroad. Not every provider offers every option.

4. Can it handle your size? A small office may be fine for USD 2,000 and struggle with USD 200,000 in cash. Ask before you go.

5. Do you get a receipt? Registered providers issue receipts. You will need them if your bank asks where your money came from.

6. Does it run proper KYC? A provider that skips ID checks is either unregistered or breaking its rules. Both are bad news for you.

7. Is there a real office and a named contact? Avoid deals arranged only over Telegram with no address or company name.

Fees, Rates and Limits in Georgia

Georgian providers rarely publish a full fee table, and rates move with the market and with how much lari, dollars or cash a desk has on hand that day. How it usually works:

• The rate is the fee. Most offices build their margin into the exchange rate rather than charging a separate commission. Compare the rate you are offered with a live market price for USDT/USD and the NBG's official lari rate.

• Bigger trades get better rates. Offices will often negotiate for large volumes, which they cannot do at a crypto ATM.

• Cash costs more than transfers. Handling, storing and moving cash is expensive, so cash payouts are usually priced less favourably than bank transfers.

• Crypto ATMs are the most expensive option. They are convenient for small amounts but usually carry high fees and support only a few coins.

• Card deposits cost extra. On online platforms, card and Apple Pay deposits often carry a fee (for example, around 2% on some platforms), while bank transfers may be free.

A practical tip: call two or three registered providers on the same morning, ask for an all-in quote for the exact amount, and ask the same question each time: "How much will I receive, in total, in my hand or in my account?"

How a Georgian OTC Trade Works, Step by Step

1. Choose a registered provider and confirm its NBG registration.

2. Complete KYC. Bring your passport or Georgian ID. For larger amounts, be ready to explain where the money or crypto came from.

3. Request a quote for the asset, direction (buy or sell) and exact amount, and say how you want to be paid.

4. Agree the rate. For larger trades the desk may hold it for a short time while you send funds.

5. Settle. Send your crypto to the provider's wallet (or hand over cash, if buying), and receive cash or a bank transfer.

6. Keep your receipt and a record of the transaction hash.

Documents you will usually need

• Individuals: passport or Georgian ID, and for larger trades, proof of source of funds such as exchange statements showing how you acquired the crypto, freelance invoices or a payslip.

• Companies: extract from the Georgian public registry (or your home country's equivalent), details of directors and beneficial owners, authorisation for the person trading, and an explanation of the business and expected volumes.

If you plan to deposit the money into a Georgian bank, keep your provider's receipt and transaction records. Georgian banks increasingly ask customers to show that crypto-related deposits come from a registered provider.

AML, the Travel Rule and Sanctions

Georgia welcomes crypto, but it is tightening anti-money laundering enforcement, partly because of pressure over sanctions on Russia. Points for OTC users:

• Registered providers must run AML/CFT controls. That means ID checks, transaction monitoring and reporting suspicious activity to the authorities.

• The travel rule applies. When crypto moves between providers, information about the sender and receiver goes with it.

• Sanctions screening is serious. Wallets linked to sanctioned exchanges or tokens can be blocked. Funds that touched Garantex, Grinex or similar services are a red flag.

• Unregistered activity gets reported. The NBG passes information about unregistered operators to law enforcement, and investigations have been opened.

Again, this works in your favour. A provider that asks questions is one whose funds are less likely to bounce back on you later.

Red Flags: How to Spot a Risky OTC Desk

• Not on the NBG register, or cannot show its registration act. This has been mandatory since January 2026.

• Claims a Free Industrial Zone company "does not need" NBG registration.

• Offers to skip ID checks or "no-questions" cash deals.

• Rates far better than every registered office in town.

• Asks you to send crypto to a personal wallet, or pays you through a third person's bank account.

• Operates from an apartment, a car or a cafe meeting, with contact only via Telegram.

• Pushes you to send first before giving a firm quote and receipt.

Tax Basics for Crypto in Georgia

• Resident individuals: crypto income is generally treated as non-Georgian-source income, so it is not subject to Georgian personal income tax. Tax residency usually requires spending more than 183 days in Georgia in a 12-month period.

• Personal investing vs a business: the 0% treatment applies to personal investment. If you run crypto trading as a business, different rules can apply.

• Companies: Georgia uses an Estonian-style corporate tax model. Profits are taxed at 15% when distributed, not while they are kept in the business. Dividends paid to individuals carry a 5% withholding tax.

• VAT: buying, selling and exchanging crypto is not subject to VAT.

• Non-residents: your home country may still tax gains you make while in Georgia. Keep every receipt and get local advice.

The Georgian Revenue Service has not published detailed guidance on every crypto scenario, so treat this as orientation, not tax advice.

For Businesses: Using OTC in Georgia

If your company is paid in USDT, pays contractors in crypto or needs to move value between Georgia and other markets:

• Use a registered provider that pays into your company's Georgian bank account, not cash. It creates a clean paper trail for your bank and accountant.

• Open relationships with two providers to compare quotes and keep a backup.

• Agree settlement terms in writing, including who sends first and how fast the fiat leg will arrive.

• Never mix personal and company funds. It is the fastest way to trigger a bank review.

Georgia vs Dubai for Crypto OTC

For institutional and very large trades, Dubai has more specialist desks. For everyday conversions, freelancers and SMEs, Georgia is simpler and very cost-effective. See our guide to the best crypto OTC desks in Dubai for the full comparison.

Final Verdict

The best crypto OTC desk in Georgia is one that is on the NBG register for exchange services, gives you a firm all-in rate, pays out the way you need (cash, GEL or SWIFT) and gives you a receipt. For larger USDT-to-cash trades, GeCrypto is the most established dedicated OTC name. For online GEL transfers, Cryptal and Bybit Georgia are strong options. For regular everyday conversions, AllTrust and Gaus Crypto are practical choices.

The rule to remember: no NBG registration, no trade.

Do you run a registered crypto exchange or OTC desk in Georgia? Bitnxt maintains a directory of crypto businesses. Get in touch to have your desk listed and verified.

Frequently Asked Questions

What is the best crypto OTC desk in Georgia?

It depends on your needs. GeCrypto is a leading dedicated OTC exchange in Tbilisi for USDT-to-cash and larger trades. Cryptal and Bybit Georgia suit people who want online GEL transfers. AllTrust and Gaus Crypto are practical for everyday conversions. Check each one on the NBG register before trading.

Is crypto OTC trading legal in Georgia?

Yes, with a provider registered with the National Bank of Georgia. Providing crypto exchange services without NBG registration is prohibited, including in Free Industrial Zones.

How do I check if a crypto exchange in Georgia is registered?

Search the company on the NBG's virtual asset service provider register at nbg.gov.ge. Since January 2026, registered providers must display their registration act in offices, on kiosks, and on their website and app.

Where can I sell USDT for cash in Tbilisi?

At NBG-registered exchange offices such as GeCrypto and Gaus Crypto. Bring your ID, ask for an all-in rate and get a receipt. Avoid meeting strangers or using apartment-based desks.

Can I exchange crypto for lari directly to my bank account?

Yes. Several registered providers pay out by bank transfer or directly to cards at Georgian banks such as Bank of Georgia, TBC, Liberty and Credo.

Do I pay tax on crypto in Georgia?

Resident individuals generally pay 0% on crypto gains, because crypto income is treated as non-Georgian-source income. Companies pay 15% on distributed profits. Non-residents should check their home country's rules.

Can foreigners use OTC desks in Georgia?

Yes. Registered providers serve foreigners with a valid passport and standard KYC. Larger amounts may require proof of source of funds.

Are Binance and OKX registered in Georgia?

According to public comparisons, several large global exchanges are not on the NBG register and serve Georgian users through offshore entities. Check the NBG register for the current position.

What are the risks of using an unregistered crypto desk in Georgia?

You can lose your money with no regulator to complain to, receive crypto that is later frozen, or end up dealing with sanctioned entities. The NBG reports unregistered operators to law enforcement.

What is the difference between crypto OTC in Georgia and Dubai?

Georgia's market is mainly individuals, freelancers and SMEs, with cash and GEL bank payouts under NBG registration. Dubai is more institutional, with VARA-licensed broker-dealers and larger minimum trade sizes.

Disclaimer: This article is for general information only and is not financial, legal or tax advice. Bitnxt has not traded with the providers mentioned and does not endorse any of them. Registration details are based on public sources at the time of writing and can change. Always verify a provider on the National Bank of Georgia's VASP register and do your own due diligence before trading.