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Australia’s financial intelligence regulator has forced 96 Cryptolink crypto ATMs offline after suspending the operator’s registration for three months over anti-money laundering compliance failures.
AUSTRAC said the suspension took effect on August 9 after Cryptolink failed to submit required threshold transaction reports and did not respond to a regulator request for information.
The action comes as a parliamentary committee recommends giving the Home Affairs Minister power, acting on AUSTRAC advice, to restrict or prohibit high-risk financial products and channels such as crypto ATMs.
Cryptolink Loses Permission to Operate 96 Machines for Three Months
AUSTRAC said Cryptolink’s Virtual Asset Service Provider registration is suspended for three months, preventing the company from operating its 96 crypto ATMs during that period.
CEO Brendan Thomas said the regulator remained concerned about Cryptolink’s ability to manage high-risk transactions. AUSTRAC said the company failed basic reporting obligations after previously completing the conditions of an enforceable undertaking.
The regulator had already acted against Cryptolink in October 2025. It issued a A$56,340 infringement notice and accepted a court-enforceable undertaking after identifying alleged late threshold transaction reporting and weaknesses in the company’s AML and counter-terrorism financing risk assessment. Cryptolink paid the notice.
AUSTRAC Says Crypto ATMs Process A$275M a Year
AUSTRAC has increased scrutiny of crypto ATM operators since establishing its Crypto Taskforce and beginning targeted supervisory work in late 2024.
The regulator previously estimated that about A$275 million moves through Australian crypto ATMs each year across almost 150,000 transactions. In a sample of 90 prolific users, AUSTRAC said 85% were scam victims or money mules.
Current reporting puts Australia at about 1,800 crypto ATMs, making it the world’s third-largest market by machine count.
Parliamentary Committee Urges Priority Restrictions on Crypto ATMs
The Parliamentary Joint Committee on Intelligence and Security tabled its review of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 on August 11. The bill would create powers to restrict or prohibit high-risk products, services, or delivery channels across an entire sector.
The committee recommended that the responsible minister exercise that power on advice from the AUSTRAC CEO. It also specifically recommended that restrictions or prohibitions involving crypto ATMs be considered as a priority.
Cryptolink’s suspension applies only to its 96 machines. Any broader restriction would require the proposed legislative framework and a separate government decision.
