Australia’s corporate watchdog suspends Cryptolink over compliance failings

Australia’s corporate regulator has suspended the registration of Cryptolink, a digital currency exchange and ATM operator, citing compliance failures and an inability to respond to official inquiries.

The Australian Securities and Investments Commission (ASIC) said Cryptolink failed to submit required transaction reports and did not respond to an information request issued under the Corporations Act. The suspension, effective immediately, has forced the closure of 96 Cryptolink-operated ATMs across the country.

ASIC’s move underscores heightened scrutiny of cryptocurrency businesses in Australia, particularly those operating ATMs, which have faced regulatory pressure over money-laundering risks. The regulator did not specify a timeline for resolving the compliance issues or reinstating Cryptolink’s registration.

Cryptolink’s ATMs, which allow users to buy and sell cryptocurrencies, have been a point of concern for authorities due to their potential use in illicit transactions. The suspension follows ASIC’s broader crackdown on crypto-related entities that fail to meet anti-money laundering and counter-terrorism financing obligations.

The company has not publicly commented on the suspension. ASIC’s decision highlights the operational risks faced by crypto businesses amid evolving regulatory frameworks in Australia and globally.