Different sources suggest that about €8 million are lost every day due to scams in the crypto environment and the numbers continue to grow. A lot of victims who were targeted by cryptocurrency scams are thought to lack experience or judgment in the field. Despite the fact that cryptocurrencies have been in the market for almost 10 years, the question “is bitcoin a scam?” still lingers on some minds. The easiest explanation for this is that individuals fear what they do not understand: the exponential growth of the blockchain technology, of the variety of new coins in the market, of products to invest in or cryptocurrency-based projects to be a part of. This becomes the perfect fuel for most of the scams and malpractices in the financial field.
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.
November 11-17 has been officially declared International Fraud Awareness Week 2018, a global joint effort made by business and governmental institutions to minimize the impact of fraud by educating and providing anti-fraud material to different communities. SpectroCoin has teamed up with more than 400 organisations and is taking part in the ACFE anti-fraud campaign.
SpectroCoin is more than happy to witness the rising number of customers who trust our platform. In exchange, we continue working to provide our users with the highest security performance. We believe that the basis of every great business is the collaboration between the company and its clients. For this reason, SpectroCoin is launching a Bug Bounty Program.
We are delighted to announce that on the 2nd of July of 2018, SpectroCoin became a full member of Infobalt. The Infobalt Association is recognized as the biggest and the main contact point between Lithuanian business associations and government organizations dealing with Blockchain initiatives. At the moment, the Infobalt Association unites more than 160 members from the Information and Communication (ICT) industry.