Binance LCX has announced the launch of a fiat-to-cryptocurrency exchange platform in Liechtenstein. The announcement follows plans to unveil similar services in Uganda a few months back. Binance LCX is a joint venture between Binance and LCX.
Binance LCX Offers CHF and EUR Trading Pairs for Cryptocurrencies
The Liechtenstein Cryptoassets Exchange (LCX) announced the news in a blog post published on Thursday. According to the announcement, Binance will be responsible for handling the technical aspects of the exchange platform. Binance LCX, for their part, will take care of legal, compliance, and administrative functions such as customer support, liaising with the government, along with know-your-customer (KYC) and anti-money laundering (AML) protocols.
Commenting on the launch of fiat-crypto trading in Liechtenstein, Changpeng Zhao, the Binance CEO, said:
“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team in Liechtenstein.”
Based on the details revealed in the announcement, the Binance LCX fiat-crypto exchange platform will offer trading between Euros (EUR) and Swiss Franc (CHF) against cryptocurrencies. There are also plans to add more fiat currencies once local regulators give the go-ahead. The platform intends to hire 10–15 people for its operations immediately.
LCX CEO Monty Metzger expressed delight at the prospects of the Binance LCX fiat-to-crypto exchange platform, saying:
“Professional investors need a reliable fiat channel to invest into crypto assets. We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.”
According to LCX, the choice of Liechtenstein has a lot to do with its geographical location at the heart of Europe. The country is also a member of the European Economic Area (EEA), which makes it a prime location for access into the rest of the EU.
Liechtenstein also plans to create a regulatory framework to support cryptocurrency and blockchain technology. The country is set to introduce the Blockchain Act Liechtenstein, which is aimed at providing robust legal backing for the emerging crypto market.
Commenting on the Binance LCX plan, Prime Minister of Liechtenstein, Adrian Hasler, said:
“We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the basis for an entirely new industry. We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein.”