AUSTRAC Shuts Down Cryptolink's Crypto ATMs Over Repeated Reporting Failures
Australia's AUSTRAC has suspended Cryptolink, forcing its 96 crypto ATMs across the country to stop operating for three months. The regulator made this decision due to repeated failures by Cryptolink in reporting duties and anti-money laundering controls.
Cryptolink failed to submit required threshold transaction reports after earlier regulatory intervention and also did not answer a formal request for information from AUSTRAC. These failures triggered the suspension, which started on August 9.
The company operates crypto ATMs that allow customers to exchange cash for digital assets, serving users across several Australian cities, including Sydney, Melbourne, and Brisbane. The suspension blocks Cryptolink from providing registered virtual asset services during this period.