Australia’s financial intelligence agency AUSTRAC has suspended crypto ATM operator Cryptolink for three months, forcing 96 Bitcoin ATMs offline across the country due to repeated AML reporting failures.
The company had previously been fined for late reporting but failed to improve compliance standards. AUSTRAC has also introduced stricter rules for Australia’s crypto ATM sector, including a $5,000 cash transaction limit, mandatory scam warnings, and enhanced source-of-funds checks.
Authorities found that a large share of ATM activity was linked to scam proceeds and money-mule networks, highlighting growing regulatory scrutiny of cash-to-crypto transactions and compliance requirements.
The company had previously been fined for late reporting but failed to improve compliance standards. AUSTRAC has also introduced stricter rules for Australia’s crypto ATM sector, including a $5,000 cash transaction limit, mandatory scam warnings, and enhanced source-of-funds checks.
Authorities found that a large share of ATM activity was linked to scam proceeds and money-mule networks, highlighting growing regulatory scrutiny of cash-to-crypto transactions and compliance requirements.