Norway -- Enforcement Actions Regulatory Overview

Norway has a proactive approach to cryptocurrency regulation, primarily focusing on anti-money laundering (AML) and counter-terrorist financing (CTF) compliance for virtual asset service providers (VASPs) by Finanstilsynet (the Financial Supervisory Authority of Norway), and prosecuting crypto-related crimes by Økokrim (the National Authority for Investigation and Prosecution of Economic and Environmental Crime).

Here are some of the most significant cryptocurrency enforcement actions in Norway over the last three years (roughly mid-2021 to mid-2024):

1. Poly Network Hack Fund Recovery (in collaboration with international agencies)

• Regulator Name: Økokrim (National Authority for Investigation and Prosecution of Economic and Environmental Crime)
• Entity Targeted: Unknown perpetrators of the Poly Network hack, and the stolen funds themselves.
• Violation Type: Crypto theft, money laundering.
• Penalty Amount: Recovery of stolen funds totaling approximately $5.8 million (at the time of recovery announcement). This is not a fine on an entity, but a successful recovery of criminal proceeds.
• Date: Announced June 2022 (recovery efforts ongoing prior to this).
• Outcome: Økokrim successfully recovered significant funds stolen in the August 2021 Poly Network hack, which were subsequently mixed using the Tornado Cash service. This was a major international collaboration highlighting Norway's capabilities in tracing and seizing crypto assets involved in sophisticated hacks.
• Source URL:
  • Økokrim Press Release: Store verdier beslaglagt etter kryptokupp (Norwegian)
  • Chainalysis Blog Post referencing the recovery

2. Order for Kryptobørs AS to Cease Operations

• Regulator Name: Finanstilsynet (The Financial Supervisory Authority of Norway)
• Entity Targeted: Kryptobørs AS (a Norwegian crypto exchange).
• Violation Type: Failure to comply with anti-money laundering (AML) regulations, inadequate internal controls, and operating without proper registration/licensing as a virtual asset service provider (VASP) for all services offered.
• Penalty Amount: Ordered to terminate its business. No specific monetary fine was publicized in connection with this specific order, but the cessation of operations is a severe penalty.
• Date: August 26, 2021.
• Outcome: Finanstilsynet ordered Kryptobørs AS to terminate its business as a virtual asset service provider due to significant and persistent breaches of the Anti-Money Laundering Act and related regulations. This was a decisive action to remove a non-compliant entity from the market.
• Source URL:
  • Finanstilsynet Press Release: Kryptobørs AS pålegges å avvikle virksomheten (Norwegian)

3. Order for Norges Kryptobørs AS to Stop Providing Currency Exchange Services

• Regulator Name: Finanstilsynet (The Financial Supervisory Authority of Norway)
• Entity Targeted: Norges Kryptobørs AS (a Norwegian crypto exchange).
• Violation Type: Failure to comply with anti-money laundering (AML) regulations, specifically regarding inadequate risk assessment, customer due diligence (CDD) procedures, and not being properly registered for all types of currency exchange services offered.
• Penalty Amount: Ordered to cease providing currency exchange services involving fiat currency. No specific monetary fine was publicized in connection with this order, but the restriction on services is a significant penalty.
• Date: June 3, 2022.
• Outcome: Finanstilsynet ordered Norges Kryptobørs AS to stop offering services involving the exchange between virtual and fiat currencies due to serious deficiencies in its AML compliance framework. The firm was permitted to continue offering exchange services between virtual assets.
• Source URL:
  • Finanstilsynet Press Release: Norges Kryptobørs AS pålegges å stanse tilbud av vekslingstjenester (Norwegian)

These actions highlight Norway's commitment to maintaining a regulated and secure financial environment, focusing on combating money laundering and financial crime in the crypto space. Finanstilsynet actively supervises VASPs, and Økokrim has proven capabilities in tracing and recovering stolen crypto assets.