Key facts
- Cryptolink's registration as a Virtual Asset Service Provider in Australia was suspended for three months.
- The suspension, effective August 9, is due to failures in anti-money laundering reporting obligations.
- Cryptolink also failed to respond to information requests from AUSTRAC.
- The company had previously paid a $56,340 fine and entered into an enforceable undertaking.
- AUSTRAC CEO Brendan Thomas cited high-risk operations as a reason for the suspension.
Australia's financial-crime regulator, AUSTRAC, has suspended Cryptolink Pty Ltd's registration as a Virtual Asset Service Provider for three months, effective August 9. The suspension impacts Cryptolink's 96 crypto ATMs across the country. The primary reasons cited for the action include failures in meeting basic reporting obligations, particularly threshold transaction reports, and a lack of response to AUSTRAC's information requests. AUSTRAC CEO Brendan Thomas stated that the company was deemed too high risk to continue operating. This regulatory move follows an enforceable undertaking Cryptolink entered into in October 2025 after allegations of late reporting and weak risk assessments, and a previous $56,340 fine paid by the company. Australia has seen a significant increase in crypto ATMs, with approximately 1,800 machines nationwide, and regulators are increasingly concerned about their use for illicit activities. The Home Affairs Minister has proposed granting AUSTRAC more power to regulate high-risk crypto products.