Binance LCX on Thursday announced the launch of fiat-to-crypto exchange in Liechtenstein. Binance LCX is a joint venture between world’s largest cryptocurrency exchange Binance and LCX (Liechtenstein Cryptoassets Exchange).
The company in a statement on Medium said the experienced Binance team will “provide and maintain” the platform while Binance LCX will handle customer support, legal issues, KYC, AML and government communication.
With the new technology platform, crypto investors can trade between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrency pairs.
Binance CEO and founder Changpeng Zhao believes the new venture will set new standards for usability and compliance in the blockchain space.
“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.”
LCX CEO Monty C M Metzger says it’s a reliable fiat channel to invest into crypto assets.
In the statement, the company explains why Liechtenstein is the ideal location. The tiny nation is located in the heart of Europe and falls under the European Economic Area (EEA). It provides market access to the rest of Europe.
Around 10-15 people will be hired for the Liechtenstein office soon.
“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,” said Adrian Hasler, Prime Minister of Liechtenstein.
Image via Shutterstock
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