SpectroCoin Development Update: December ‘18

SpectroCoin focuses on the constant development of its platform so that users can enjoy an even more convenient interface and services. For that reason, we decided to spread the word and inform our clients about the changes that have been done or that are yet to come to the platform. To turn this idea into reality, starting today, we will share SpectroCoin development updates with you.

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Cashing Out on the Crypto Rush

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.

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AML5: Same Rules for Everyone

This post has been updated on January 16th, 2020, after the transposition of the EU AML5 directive.

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 was transposed to local laws of all EU countries by January 10th, 2020 – in some countries, it happened even earlier, 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.

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Fraud Awareness Initiative

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.

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Contribute to SpectroCoin security and get a reward

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.

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