AUSTRAC Suspends Cryptolink's Bitcoin ATMs Amid Compliance Concerns
Australia's financial crime regulator AUSTRAC has suspended Cryptolink's Bitcoin ATMs for three months, citing ongoing concerns about the company's compliance with anti-money laundering obligations.
The suspension begins on Sunday and will last three months. AUSTRAC's decision pauses Cryptolink's ability to operate as a registered Virtual Asset Service Provider (VASP), effectively taking its crypto ATMs offline during the suspension period.
AUSTRAC cited failures to meet core reporting expectations, including threshold transaction reports, and noted that the company did not respond to AUSTRAC requests. The regulator emphasized that its scrutiny centers on digital currency as a potential money laundering risk, particularly in contexts where cash can be converted into crypto through automated systems.
AUSTRAC CEO Brendan Thomas said: 'As part of our continued focus on digital currency as a money laundering risk, AUSTRAC has ongoing concerns about the company's ability to manage high-risk transactions through its CATMs.'