Australian watchdog suspends Cryptolink, forcing 96 ATMs offline

Australia’s financial crime watchdog suspended crypto ATM operator Cryptolink Pty Ltd for three months, forcing the firm to shut down 96 machines across the country.

The Australian Transaction Reports and Analysis Centre, known as AUSTRAC, said the suspension took effect Aug. 9. Cryptolink cannot provide virtual asset services while the order remains in place.

Crypto ATMs allow customers to use cash to buy cryptocurrency, serving as a bridge between fiat currency and crypto. AUSTRAC said it remains concerned about Cryptolink’s ability to manage transactions that carry a higher risk of money laundering or terrorism financing.

The regulator said Cryptolink initially met the terms of an enforceable undertaking imposed in October 2025. The company later failed to submit required threshold transaction reports and did not respond to an AUSTRAC information request.

AUSTRAC CEO Brendan Thomas said those failures made the business “too high risk to continue operating at present.”

The earlier undertaking followed an investigation by AUSTRAC’s Cryptocurrency Taskforce into alleged breaches of anti-money laundering and counter-terrorism financing rules. The regulator cited late transaction reports and weaknesses in Cryptolink’s risk assessments.

AUSTRAC also issued Cryptolink a fine of 56,340 Australian dollars ($36,600), which the company paid.

The regulator put crypto ATM operators on notice in March 2025 after finding that some providers may not have had the required anti-money laundering controls. In June, it set a 5,000 Australian-dollar limit on cash deposits and withdrawals and required stronger customer checks, scam warnings and transaction monitoring.

Thomas said AUSTRAC would monitor Cryptolink during the suspension and take action against other crypto ATM businesses where it identifies serious risks or noncompliance.