Cryptolink Bitcoin ATMs Shut Down by AUSTRAC Over Compliance Lapses

Australia's financial crime regulator AUSTRAC has suspended Cryptolink's operation of Bitcoin ATMs for three months due to ongoing concerns about the company's compliance with anti-money laundering obligations.

The move, which pauses Cryptolink's ability to run as a registered Virtual Asset Service Provider (VASP), affects 96 ATMs across major Australian cities, including Sydney, Melbourne, and Brisbane.

Cryptolink was found to have failed to meet basic compliance and reporting requirements, including threshold transaction reports. AUSTRAC also stated that the company did not respond to a request for information from the agency.