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The financial intelligence agency AUSTRAC has suspended the operations of Cryptolink, a cryptocurrency ATM provider, due to repeated failures in anti-money laundering and counter-terrorism financing compliance. The company failed to meet reporting obligations despite previous warnings and fines.
Why it matters
This action underscores the increasing regulatory scrutiny on cryptocurrency infrastructure to prevent financial crimes.
AUSTRAC pulls plug on Cryptolink ATMs S By Stephen Letts
Financial intelligence agency AUSTRAC has suspended the operations of cryptocurrency outfit Cryptolink and ordered the shutdown of its ATM network for repeated failures in dealing with anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
The suspension of Cryptolink's registration follows the establishment of AUSTRAC's Crypto Taskforce and supervisory engagements with crypto ATM operators since late 2024.
Cryptolink operates 96 cryptocurrency ATMs (CATMs) across the nation, which allow users to exchange cash for cryptocurrency.
AUSTRAC has told the company to tidy up its act.
"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," AUSTRAC CEO Brendan Thomas said.
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