Binance LCX Launches Fiat-to-Crypto Exchange in Liechtenstein
Crypto exchange Binance has collaborated with Liechtenstein Cryptoassets Exchange (LCX) to launch a fiat-to-crypto exchange in Liechtenstein, announced on August 16. The exchange will be operated in Liechtenstein and offer trading between Swiss Francs (CHF) and Euros (EUR) against major crypto pairs, and add more trading pairs later with regulatory approval.
Binance is currently the second largest cryptocurrency exchange by 24h trading volume, seeing over US$1 billion in trade over the past 24 hours.
The team at Binance will provide and maintain the technology platform, while Binance LCX manages customer support, legal requirements, due diligence, KYC (Know Your Customer), AML (Anti-Money Laundering) and government communication. Adrian Hasler, Prime Minister of Liechtenstein, welcomed Binance LCX to Lichtenstein, saying
“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.”
Binance’s CEO Changpeng Zhao commented on the new partnership calling it a reliable and sustainable project for both retail and professional investors,
“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.”
As previously reported by 8btc, Binance unveiled at a press briefing earlier this month that the exchange plans to launch three fiat-to-crypto trading platforms this year.
After relocating its headquarters to Malta this March, Binance has reportedly set up a bank account on the island with intent to offer fiat-crypto trading soon through a separate Malta-based exchange, likely to begin fiat trading with a euro-BTC pair.
Later this June, as Binance marched into the African market, it has made its first foray into fiat-crypto trading in Uganda, which supports Uganda Shilling–crypto trading.
And now, Binance LCX was launched in a microstate in Central Europe. Liechtenstein is described as the “ideal location” for Binance LCX to operate as part of the European Economic Area (EEA). The government of Liechtenstein was recently reported to bring in new legislation to support blockchain business. Strategically, the location may help with passporting to the rest of Europe.