The Australian Transaction Reports and Analysis Centre (AUSTRAC) has suspended Cryptolink Pty Ltd's operations, resulting in the closure of 96 cryptocurrency ATMs across Australia as of August 9. This decision prevents Cryptolink from offering virtual asset services amid concerns over its ability to effectively manage risks associated with money laundering and terrorism financing.
Cryptolink's troubles stem from its failure to adhere to an enforceable undertaking set by AUSTRAC in October 2025, which required the company to submit essential transaction reports and respond to information requests. Brendan Thomas, AUSTRAC's CEO, emphasized that these failures have deemed Cryptolink “too high risk to continue operating at present.”
Prior investigations by AUSTRAC's Cryptocurrency Taskforce had revealed various violations of anti-money laundering regulations, including late transaction reporting and inadequate risk management. In response, AUSTRAC had previously fined the company 56,340 Australian dollars (roughly $36,600), which Cryptolink has since settled.
