Cryptolink’s 96 Crypto ATMs Taken Offline Following Regulatory Suspension

Australia’s financial crime watchdog, AUSTRAC, suspended crypto ATM operator Cryptolink for three months starting August 9, forcing the shutdown of all 96 machines it operates nationwide. The regulator said the company failed to submit required transaction reports and did not respond to an information request, raising serious concerns about its ability to manage transactions carrying higher risks of money laundering or terrorism financing.

Pattern of Non-Compliance Since Earlier Warning

According to AUSTRAC, Cryptolink initially met the terms of an enforceable undertaking issued last October following an investigation into anti-money laundering breaches, but later fell short on reporting obligations. The regulator’s chief executive said these failures made the business too high risk to continue operating for now. The company had previously paid a fine of over 56,000 Australian dollars as part of the earlier enforcement action, which stemmed from findings of late transaction reporting and weaknesses in its risk assessment processes.

Part of Broader Crypto ATM Crackdown

This suspension follows a series of regulatory steps AUSTRAC has taken against crypto ATM providers since early last year, including warnings about inadequate anti-money laundering controls and the introduction of a cash transaction limit alongside stronger customer verification and scam-prevention requirements. Authorities said they will continue monitoring Cryptolink during the suspension period and take further action against other operators found to pose serious compliance risks.