Supporters of Sweden’s largest neo-Nazi group have donated cryptocurrency via centralized exchanges and mining pools, according to blockchain investigators.

The Nordic Resistance Movement, Sweden’s largest neo-Nazi group, sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as a terrorist organization, has received over $90,000 worth of crypto donations since 2015, a Chainalysis report reveals.

The New York-based blockchain forensic firm notes that the group, established in 1997, is known for promoting white supremacist and anti-Semitic beliefs. Its activities led to its prohibition in Finland in 2020 for national law violations.

Crypto Donations to the Nordic Resistance Movement

Chainalysis data shows the Nordic Resistance Movement has publicly relied on cryptocurrency donations due to its inability to open traditional bank accounts because of sanctions. The group’s branches in multiple European countries, including Norway, Denmark, and Finland, have accepted donations in various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Cosmos (ATOM), Monero (XMR), and Cardano (ADA), among others.

Addresses controlled by the Nordic Resistance Movement have received at least “several thousand dollars’ worth of donations” from users at “mainstream exchanges” and from a “mining pool,” although specific platforms were not identified.

Global Scrutiny on Crypto Misuse

These findings come amid increased global scrutiny over the misuse of cryptocurrencies. Recently, the U.S. sanctioned entities within Russia’s fintech sector. In late March, OFAC sanctioned 13 entities and two individuals operating in Russia’s fintech sector for offering services to evade U.S. sanctions.

The sanctions target companies servicing Russia’s “core financial infrastructure” to curtail Russia’s use of the international financial system to further its war against Ukraine. Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, emphasized that the goal is to hinder Russia’s capacity to seek alternative payment avenues to evade sanctions.

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