Bi­nance LCX launches Fiat-to-Crypto Ex­change in Liecht­en­stein

The Malta Business Weekly - - FRONT PAGE -

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.

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