Australia's financial crime watchdog, the Australian Transaction Reports and Analysis Centre (AUSTRAC), suspended crypto ATM operator Cryptolink Pty Ltd for three months. The order took effect Aug. 9, immediately forcing the company to shut down 96 machines operating across the country.
Cryptolink is now barred from providing any virtual asset services while the suspension remains active. Crypto ATMs allow customers to convert cash into cryptocurrency.
AUSTRAC expressed concerns about Cryptolink's capacity to manage transactions that present a higher risk of money laundering or terrorism financing. The action follows an enforceable undertaking imposed on Cryptolink in October 2025.
Cryptolink initially complied with the terms of that undertaking but later failed to submit required threshold transaction reports and did not respond to an information request from AUSTRAC.
AUSTRAC CEO Brendan Thomas said those failures made the business "too high risk to continue operating at present."
The suspension stems from an investigation by AUSTRAC's Cryptocurrency Taskforce, which identified late transaction reports and weaknesses in Cryptolink's risk assessment frameworks as key issues.
AUSTRAC also fined Cryptolink 56,340 Australian dollars, equivalent to approximately $36,600. Cryptolink paid the fine.
AUSTRAC had put all crypto ATM operators on notice in March 2025 after finding that some providers lacked adequate anti-money laundering controls. In June, the regulator tightened rules for crypto ATMs, setting a 5,000 Australian-dollar limit on cash deposits and withdrawals and requiring stronger customer identity checks, prominent scam warnings and enhanced transaction monitoring.
Thomas said AUSTRAC will monitor Cryptolink throughout the suspension period and plans to take further action against other crypto ATM businesses if it identifies serious risks or noncompliance.
