AUSTRAC says the operator failed to meet key transaction reporting and information-sharing requirements.
Cryptolink’s 96 Bitcoin ATMs will remain offline during the three-month suspension
Photo Credit: Unsplash/Ali Mkumbwa
Australian regulators have ordered a shutdown of Bitcoin ATMs operated by Cryptolink for three months due to ongoing concerns over their compliance with anti-money laundering requirements. Australia has more crypto ATMs than any other nation in the Asia-Pacific, and the Australian government has been taking action against the criminal use of crypto ATMs since late 2024. According to AUSTRAC CEO Brendan Thomas, the Virtual Asset Service Provider (VASP) registration of the company is suspended for three months, effective from this Sunday. This means that the crypto ATMs operated by the company will not work during this period.
AUSTRAC stated that Cryptolink did not comply with fundamental reporting obligations, especially threshold transaction reports, and also ignored AUSTRAC's request for information. This is after Cryptolink had signed an enforceable undertaking with AUSTRAC in October 2025, following allegations of non-compliance by the Cryptocurrency Taskforce, which also includes late reporting of transactions and inadequate risk assessments established by Cryptolink. AUSTRAC has issued a $56,340 (approximately Rs. 53.7 lakh) infringement notice to Cryptolink, which has already been paid.
“As part of our continued focus on digital currency as a money laundering risk, AUSTRAC has ongoing concerns about the company's ability to manage high-risk transactions through its CATMs,” said Thomas. Cryptolink has 96 ATMs in Australia where people can swap their cash into Bitcoins. The majority of its ATMs are located in big cities like Sydney, Melbourne, and Brisbane.
This is not the first time that the Australian government has battled crypto fraud related to its crypto ATMS. In 2024, the country introduced new rules to regulate crypto ATMs to safeguard citizens from financial risks associated with the technology. The AUSTRAC enforced a deposit and withdrawal limit of AUD 5,000 (roughly Rs. 3.3 lakh) on crypto ATM transactions. The Australian regulator believed that this strategy could curb crypto scams and frauds, especially those targeting elderly individuals in the country.
Citing details collected from nine crypto ATM service providers, the government-backed financial intelligence agency said that the use of crypto ATMs is dominated by individuals over the age of 50, who account for nearly 72 percent of the total transaction value. The agency highlighted that elderly individuals are purchasing cryptocurrencies via cash, with many falling prey to scams and fraudulent schemes.
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