Australia’s financial watchdog halted crypto ATM operator Cryptolink Pty Ltd for three months, compelling the company to deactivate 96 machines nationwide.
AUSTRAC, the Australian Transaction Reports and Analysis Centre, announced that the suspension began on August 9. During the duration of the order, Cryptolink is unable to offer virtual asset services.
Crypto ATMs are a quick way for new users to buy crypto. They let people swap cash for digital assets without a bank account. They help unbanked or underbanked people, support small everyday purchases, and let travelers use digital currencies on the move. But this convenience creates gaps: cash deals are hard to trace in real time, and some customers’ desire for anonymity can make it harder to follow anti-money laundering rules. Regulators worry that without strong checks, big or unusual trades could slip through, helping schemes like layered deposits, quick self-laundering, or funding crimes across borders. For operators, finding a balance between easy use and careful monitoring means better identity checks, real-time screening, and clear scam warnings at the point of sale. As the industry grows, using interoperable reporting systems and risk-based limits can help tell real use from suspicious activity, cutting false alarms while keeping clear accountability. Customers gain from clear fees, tips on security, and easy access to help if a transaction looks odd, which supports safer participation in crypto.
The regulator said Cryptolink initially met the terms of an enforceable undertaking imposed in October 2025. The company later failed to submit required threshold transaction reports and did not respond to an AUSTRAC information request.
AUSTRAC CEO Brendan Thomas said those failures made the business “too high risk to continue operating at present.”
The prior effort stemmed from a probe by AUSTRAC’s Cryptocurrency Taskforce into purported violations of anti-money laundering and counter-terrorism financing laws. The regulator highlighted delayed transaction reporting and deficiencies in Cryptolink’s risk evaluations.
AUSTRAC also issued Cryptolink a fine of 56,340 Australian dollars ($36,600), which the company paid.
The watchdog alerted crypto ATM operators in March 2025 after discovering that certain providers might lack proper anti-money laundering safeguards. In June, it imposed a 5,000 Australian-dollar cap on cash deposits and withdrawals and mandated enhanced customer due diligence, scam alerts, and transaction surveillance.
Thomas said AUSTRAC would monitor Cryptolink during the suspension and take action against other crypto-ATM businesses where it identifies serious risks or noncompliance.
