Overview
- AUSTRAC suspended Cryptolink’s registration as a Virtual Asset Service Provider on Aug. 9, ordering a three‑month ban that took the company’s 96 crypto ATMs offline.
- The regulator said Cryptolink repeatedly failed to submit threshold transaction reports, which track cash transfers of A$10,000 or more and help detect money laundering.
- AUSTRAC added that Cryptolink did not properly respond to formal requests for information, a shortfall the agency cited as a key reason for the suspension.
- The action follows an October 2025 enforceable undertaking and a A$56,340 infringement notice that targeted late reporting and weak AML/CTF risk assessments.
- AUSTRAC will monitor the company during the suspension and said any return to service will require demonstrable compliance; the move underscores tighter controls on cash‑to‑crypto channels after cases of crypto ATM‑linked scams and related rule changes since 2024.