Australia's financial-crime regulator AUSTRAC has pulled the plug on the country's largest Bitcoin and crypto ATM network.
A VASP is any business that moves digital assets for customers, and under Australia's anti-money laundering rules it must flag certain activity to the government. One key duty is filing threshold transaction reports for cash moves above a set limit. AUSTRAC CEO Brendan Thomas said Cryptolink "met the conditions stipulated in its enforceable undertaking, [but] subsequently failed to meet basic reporting obligations, particularly for threshold transaction reports."
The company also didn't answer AUSTRAC's request for information. Thomas said AUSTRAC "deemed it too high risk to continue operating at present."
Meeting the earlier undertaking and paying the $56,340 fine in October 2025 didn't spare Cryptolink. AUSTRAC accepted that enforceable undertaking after its Cryptocurrency Taskforce found alleged late reporting and weak risk assessments, and still moved to suspend the company months later. The previous penalties didn't settle the matter; they bought time the operator didn't use.
A warning shot for the sector“We will 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,” Brendan Thomas said.
The suspension runs until November 9, 2026.
