Binance LCX, a joint venture between Binance and LCX, announced the launch of a fiat-to-crypto exchange in Liechtenstein today. The experienced team at Binance will provide and maintain the technology platform, while Binance LCX manages customer support, legal requirements, due diligence, KYC, AML and government communication. Binance LCX plans to build up a team of 10-15 people for its Liechtenstein office and will immediately start the hiring process.
The exchange will offer trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs, and add more trading pairs overtime subject to regulatory approval.
“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 at Liechtenstein,” said Changpeng Zhao, CEO & Founder Binance.
“Professional investors need a reliable fiat channel to invest into crypto assets,” said Monty C. M. Metzger, CEO of LCX. “We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.”
Liechtenstein is the ideal location for Binance LCX to operate as it is geographically positioned in the heart of Europe and is part of the European Economic Area (EEA). Furthermore, the strategic location enables market access and passporting to the rest of Europe. Liechtenstein will further strengthen its position by introducing the Blockchain Act Liechtenstein, which provides a comprehensive and holistic legal structure as a basis for an entire token economy.
“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.