Norway’s sovereign wealth fund’s ethics council will reportedly conduct investigations into crypto and gambling firms listed in the fund’s portfolio, including Binance and Marathon Digital, over money laundering risks.

According to an exclusive Reuters report, crypto firms are included among the companies listed in the Norwegian sovereign wealth fund subject to an investigation by the fund’s ethics council. The Norwegian sovereign wealth fund is the largest sovereign wealth fund in the world, with $1.8 trillion in investments. It owns 1.5% of listed shares in 8,700 companies across the globe.

This year, the fund has increased its holdings in crypto exchange, including Coinbase, Block Inc., and Marathon Digital. With Coinbase in particular, the fund owns a 0.83% stake, which is worth around $453 million.

“The Council on Ethics in 2025 will take a closer look at companies involved in cryptocurrencies and gambling/casino, where there is a significant risk of money laundering,” said the council in a drafted document filed to the country’s finance ministry.

Gambling firms that the fund has invested in are also under scrutiny for their high risks for money-laundering.

Norwegian sovereign wealth fund’s Council of Ethics is tasked with probing companies the fund has invested in to ensure that they operate respectably from a business standpoint. If they do not, the council will recommend the fund to divest from those companies or place them on a public watch list.

So far, Norway’s sovereign wealth fund has excluded 189 companies due to ethical violations, including aircraft manufacturing companies Airbus and Boeing for creating nuclear weapons as well as Glencore and RWE for producing coal or coal-based energy.

Other reasons why the fund might decide to divest from companies include violations related to human rights, environmental damage, corruption and production of tobacco and canabis.

The council is also going to investigate shoe manufacturers such as Nike, Adidas, Asics and Puma for potential violations regarding inhumane working conditions, ranging from long hours and low salaries to the workers’ inability to form unions.

Even if the crypto firms listed in the fund aren’t found to have violated any money-laundering standards, those firms could very well be tried on the grounds of environmental damage. In April, Norwegian regulators introduced a new framework that would crack down on crypto mining in an attempt to limit or altogether eliminate crypto mining in the nation.

Norway’s ministers have voiced their concerns in regards to the environmental impact of crypto mining, citing its greenhouse gas emissions as incompatible with Norway’s sustainability goals.