Binance LCX launches Fiat-to-Crypto Exchange in Liechtenstein
Binance, the largest cryptocurrency exchange by volume, has announced it’s launching a fiat-tocrypto trading platform in Liechtenstein through a joint venture with LCX.
Binance LCX plans to build up a team of up to 15 professionals for its Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform.
According to a press release, the new exchange will offer trading for Swiss francs and Euros against major cryptocurrencies and add more trading pairs in the future.
Commenting on the launch of the platform, Binance CEO and founder Changpeng Zhao 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.”
Monty C. M. Metzger, CEO of LCX, added: “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.”
Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “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.”
The tiny European nation is currently working on its Blockchain Act in order to implement a comprehensive legal framework for the crypto sector.