Australia's financial crime regulator has suspended the operations of Cryptolink Pty Ltd, leading to the shutdown of 96 cryptocurrency ATMs nationwide.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the suspension, which began on August 9, preventing Cryptolink from offering virtual asset services during this period.
These ATMs facilitate cash transactions for purchasing cryptocurrencies, acting as a link between traditional fiat currency and digital assets. AUSTRAC expressed ongoing concerns regarding Cryptolink's capability to manage transactions that pose risks related to money laundering and financing of terrorism.
Initially, Cryptolink complied with an enforceable undertaking established in October 2025. However, the company subsequently neglected to submit mandatory threshold transaction reports and failed to respond to an information request from AUSTRAC.
Brendan Thomas, CEO of AUSTRAC, stated that these shortcomings rendered Cryptolink “too high risk to continue operating at present.”
The earlier enforceable undertaking was a result of an investigation by AUSTRAC’s Cryptocurrency Taskforce concerning alleged violations of anti-money laundering and counter-terrorism financing regulations, which included late transaction reports and deficiencies in Cryptolink’s risk management practices.
Additionally, AUSTRAC had previously fined Cryptolink 56,340 Australian dollars (approximately $36,600), a penalty that the company has settled.
In March 2025, AUSTRAC had warned crypto ATM operators about missing anti-money laundering checks, and in June, it imposed a 5,000 Australian dollar limit on cash deposits and withdrawals while enforcing stricter customer verification and transaction monitoring measures.
Thomas indicated that AUSTRAC would continue to monitor Cryptolink throughout the suspension and would take necessary actions against other crypto ATM operators identified as having significant risks or noncompliance issues.