Cryptolink Crypto ATMs Shut Down Amidst AUSTRAC Scrutiny

Australia's financial crime regulator, AUSTRAC, has suspended Cryptolink's registration for three months due to concerns about anti-money laundering and counter-terrorism financing compliance.

The suspension affects Cryptolink's 96 cryptocurrency ATMs across the country. The company is a registered virtual asset service provider that allows customers to exchange cash for cryptocurrency through its ATM network.

AUSTRAC CEO Brendan Thomas stated that the regulator remains concerned about Cryptolink's ability to manage high-risk transactions through its ATMs, citing the company's failure to meet basic reporting obligations and respond to AUSTRAC requests.