1. Offshore business address
By registering the business in the British Virgin Islands, Spectre can hide behind corporate anonymity. The micro-state tax shelter allows businesses to operate in a grey area. It won't be easy operating out of the shelter and negotiating with capital market laws.
2. Privacy breach concerns
Not much consideration has been outlined to protect user data beside the simple DDoS statement from one of the Co-Founders.
Spectre finds it's edge by creating a token pool to balance smart contract powered trades. The pool is essentially a crowd-funded margin account that operates as a method to improve transaction speed and decentralization protocols for handling funds. This broker-less model can prove to be a game changer over traditional transaction processing. Improvements in security must be made beyond DDoS protection and load balancing, additional measures should be taken to protect users privacy to ensure accounts are not compromised, suffering the same fate as Bithumb would inhibit future growth.
It is difficult to invest in a potentially profitable exchange when you know the company's regulatory compliance is in limbo. Regulatory approval in major jurisdictions is an arduous process and likely won't be ready for the product launch as suggested by the time-line. By being unable to accept fiat payments and withdrawals at launch, targets may not be met and profit will suffer. Investing in this ICO is like investing in a dark room, it could be anything until you turn the lights on and check the closet.