The boom of new cryptocurrencies issued through ICOs and the rising interest in the crypto market have led to the implementation of regulatory requirements for the entire financial market. In 2018, the European Parliament issued a proposal for the AML5 directive, which will come into effect in 2020 – in some countries, it will happen in mid-2019. AML5 is a commonly used abbreviation for the fifth EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
We are happy to announce that the SpectroCoin account verification time is now back to 24 business hours (3 business days). We have expanded our capacity which allows us to verify users faster and more efficiently. Therefore, we would like to remind you the steps needed to verify your SpectroCoin account.
We are more than happy to see a growing customer base. However, the increasing amount of verification requests makes this growth a double-edged sword. Every week we have around 25,000 – 35,000 newcomers, which shows steady traction and interest in our project, yet creates a high volume of verification requests and leads to longer queues as well as frustration among some of our clients. In this blog post, we will tell you more about the verification process at SpectroCoin and its requirements.
SpectroCoin offers over 20 ways to buy and sell bitcoins. For most of our services profile verification is not required, however, in order to take the full advantage of the wide selection of bitcoin purchase and withdrawal methods that we provide, we advise you to verify your account.