AUSTRAC Suspends Cryptolink for 3 Months, 96 Crypto ATMs Offline

Under the undertaking, Cryptolink needed strengthened systems and independent reviews. Thomas said Cryptolink met those conditions. The company later fell short on basic obligations: it did not lodge required threshold transaction reports and failed to reply to a request for information from the regulator.

These lapses led AUSTRAC to conclude that continued operations posed an unacceptable risk. The suspension is the latest step in a broader effort by the regulator to tighten oversight of crypto ATM operators, which it established a dedicated taskforce for in late 2024.

Crypto ATMs represent a higher-risk channel for money laundering because cash can easily enter the digital asset ecosystem, AUSTRAC has said. The three-month suspension puts other operators on notice that compliance failures can result in registration loss.

For customers who relied on Cryptolink machines, alternative providers and online platforms remain available. The removal of nearly 100 units reduces physical access points nationwide.

The broader crypto market has watched the regulatory tightening in Australia with interest, though the direct impact on prices has been minimal.

In early November, AUSTRAC will review Cryptolink's status based on its ability to demonstrate effective risk management and adherence to reporting requirements.