
The ethics council of Norway’s sovereign wealth fund is set to investigate crypto and gambling companies within its portfolio, including Binance and Marathon Digital, due to concerns over money laundering risks.
As reported in an exclusive Reuters article, the Norwegian sovereign wealth fund, the largest in the world with $1.8 trillion in investments, will scrutinize crypto firms listed among its 8,700 global holdings, which account for 1.5% of shares in these companies.
This year, the fund has expanded its investments in crypto exchanges like Coinbase, Block Inc., and Marathon Digital. Specifically, the fund holds a 0.83% stake in Coinbase, valued at approximately $453 million.
“The Council on Ethics in 2025 will examine companies involved in cryptocurrencies and gambling/casinos, where there is a considerable risk of money laundering,” stated the council in a draft document submitted to the finance ministry.
Gambling companies invested in by the fund are also being evaluated for their significant money-laundering risks.
The Council of Ethics of Norway’s sovereign wealth fund is responsible for investigating the operations of companies in which the fund has invested, ensuring adherence to ethical business practices. Should these companies fail to meet standards, the council may recommend divesting or placing them on a public watch list.
To date, Norway’s sovereign wealth fund has excluded 189 companies due to ethical issues, including aircraft manufacturers Airbus and Boeing for their involvement in nuclear weapons production, and Glencore and RWE for their coal-related activities.
Other factors that may lead the fund to divest include human rights violations, environmental harm, corruption, and the production of tobacco and cannabis.
The council is also set to look into shoe manufacturers like Nike, Adidas, Asics, and Puma for potential infractions related to inhumane working conditions, including long hours, inadequate pay, and restrictions on union formation.
Even if the crypto companies under investigation are not found to have breached any money-laundering regulations, they could still face scrutiny regarding environmental impacts. In April, Norwegian regulators implemented a new framework to regulate crypto mining in an effort to curb or completely eliminate such activities in the country.
Norwegian ministers have expressed their concerns about the environmental ramifications of crypto mining, citing its greenhouse gas emissions as contrary to Norway’s sustainability objectives.