AUSTRAC Shuts Down Cryptolink and Takes 96 Crypto ATMs Offline
AUSTRAC points to weak reporting and AML controls; Australia is tightening oversight of crypto ATMs further with cash limits and stricter customer checks.
Key Takeaways
- AUSTRAC suspended Cryptolink Pty Ltd for three months and took 96 crypto ATMs offline in Australia.
- The regulator said Cryptolink stopped filing required reports and did not respond to an information request.
- AUSTRAC is tightening oversight of crypto ATMs, with extra requirements for cash limits, customer checks, and transaction monitoring.
Australia took 96 crypto ATMs offline after regulator AUSTRAC suspended operator Cryptolink Pty Ltd for three months. During that period, the company is not allowed to offer virtual asset services, after the watchdog said it was no longer meeting key reporting and information obligations.
Why AUSTRAC Stepped In
According to AUSTRAC, things went wrong after Cryptolink initially complied with a binding agreement from October 2025, but later stopped filing required threshold transaction reports and also failed to respond to an information request. The regulator also said it was concerned about how the company handles transactions that may carry a higher risk of money laundering or terrorism financing.
Brendan Thomas, CEO of AUSTRAC, said those shortcomings were enough to consider the company “too high risk to continue operating at present.” Cryptolink had already been fined 56,340 Australian dollars, or $36,600 (€31,700), which the company has paid.
Stricter Oversight of Crypto ATMs
The case fits into a broader tightening of oversight of crypto ATMs in Australia. AUSTRAC had already warned providers in March 2025 that some firms may not have the required anti-money laundering controls. In June, extra requirements followed, including a 5,000 Australian dollar limit on cash deposits and withdrawals, plus stricter customer checks, scam warnings, and transaction monitoring.
Crypto ATMs are popular because users can buy crypto with cash, but that same link between cash and crypto makes them sensitive for regulators. AUSTRAC has previously said that older Australians, especially those between 60 and 70, are often victims of scams involving these machines. That is why the sector is under a microscope in Australia.
What This Means for the Market
For European crypto readers, this move shows how quickly national regulators can step in when services are seen as high risk. It could matter for providers that work with cash, onboarding, and transaction monitoring, since similar requirements are showing up more often across the crypto market elsewhere too. AUSTRAC also said it is monitoring Cryptolink during the suspension and will take action against other crypto ATM companies as well if it sees serious risks or non-compliance.
