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Australian watchdog suspends Cryptolink for three months
The AUSTRAC suspension took effect Aug. 9 and forces Cryptolink to shut down 96 crypto ATMs while it remains unable to provide virtual asset services.
Australia’s financial crime watchdog, AUSTRAC, suspended Cryptolink’s registration for three months, taking 96 crypto ATMs offline across the country, according to CoinDesk.
AUSTRAC said the action took effect Aug. 9 and is tied to missing transaction reports and Cryptolink’s failure to respond to an information request.
The regulator said it remains concerned about Cryptolink’s ability to manage cash-to-crypto transactions that can carry higher money laundering or terrorism financing risk.
AUSTRAC also fined Cryptolink 56,340 Australian dollars, or $36,600, which the company paid, and said it will monitor Cryptolink during the suspension and pursue other operators if it finds serious compliance or risk issues.