Australia's largest crypto ATM network suspended over compliance failures

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 company, which operates about 96 crypto ATMs, failed to maintain its anti-money-laundering reporting obligations, particularly threshold transaction reports for cash movements above set limits, and did not respond to AUSTRAC's information requests. AUSTRAC CEO Brendan Thomas said the regulator "deemed it too high risk to continue operating at present."

The suspension comes despite Cryptolink having previously met conditions in an enforceable undertaking and paid a fine of $56,340 in October 2025 after AUSTRAC's Cryptocurrency Taskforce found alleged late reporting and weak risk assessments. Those earlier penalties did not resolve the underlying issues.

Cryptolink's 96 machines represent a portion of Australia's rapidly expanding crypto ATM infrastructure. The country now hosts roughly 1,800 crypto ATMs, up from just 23 in 2019, making it the highest concentration in the Asia Pacific region, according to AUSTRAC. The Australian Federal Police has estimated that approximately $275 million flows through the country's crypto ATMs annually.

Regulators increasingly view cash-to-crypto touchpoints as channels for scams and money laundering. Australia's Home Affairs Minister has proposed granting AUSTRAC power to control or prohibit high-risk products including crypto ATMs, and AUSTRAC's Crypto Taskforce has been engaging operators since late 2024. The regulator signalled continued enforcement action, with Thomas stating it would "continue to keep a close watch on the cryptocurrency sector, particularly businesses operating crypto ATMs, and will take action where we identify serious risks or non-compliance."