Binance, one of the leading global cryptocurrency exchanges, has teamed up with Liechtenstein Cryptoassets Exchange to launch Binance LCX – a fiat-to-crypto marketplace based in Liechtenstein.
According to a press release sent to Cryptovest on Thursday, Binance will provide and maintain the trading platform, while LCX will manage the customer support, legal requirements, due diligence, KYC and AML procedures. Binance LCX will offer fiat-to-crypto trading with Swiss francs and euro against major cryptocurrencies. Pending regulatory approval, the platform will further expand its trading pairs offering.
“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike, said Changpeng Zhao, CEO and founder of Binance. „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.”
Liechtenstein was chosen for its geographical location and membership in the European Economic Area (EEA). This provides access to European markets through the EU passporting rules. Furthermore, Liechtenstein is due to enact the Blockchain Act, which provides the legal structure and regulations of the cryptocurrency industry in the country.
"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 who was also present at the launch.
Binance is one of the largest cryptocurrency exchanges by volume. It was launched in July 2017 and within a few months reached top positions. Initially, Binance was based in China, but earlier this year moved its office to Malta. The platform supports over a million transactions per second and offers around 300 coins and tokens for trading.
The new exchange, Binance LCX, is part of Binance’s blockchain ecosystem also comprising Labs, Launchpad, Info, Academy and Charity Foundation.