96 Australian Crypto ATMs Shut Down Amidst Regulatory Crackdown

Australia's financial intelligence watchdog has forced 96 cryptocurrency ATMs to shut down after suspending provider Cryptolink for failing to submit required transaction reports and ignoring a formal request for information.

The regulator, which handles anti-money laundering and counter-terrorism financing compliance for digital currency exchanges, took this enforcement action due to missing transaction reports being a red flag under Australia's AML/CTF framework.

Cryptolink's refusal to engage with authorities turned a routine audit into an operational shutdown, indicating that the firm had invested in compliance while pushing smaller players out of the market.