Cryptocurrency exchanges Binance and LCX, through their joint venture Binance LCX, have launched a fiat-to-crypto exchange in Liechtenstein on Thursday. Initially, the exchange will allow investors to trade Swiss Francs (CHF) and Euros (EUR) against major cryptocurrency pairs, with more crosses set to be added in the future following regulatory approval.
According to the statement, Binance will provide and maintain the platform, whilst Binance LCX will be responsible for managing customer support, legal requirements, due diligence and a range of other duties. The joint venture aims to build a team of up to 15 people in its Liechtenstein office to accomplish this. The firm has started the hiring process, effective immediately, the statement said.
Commenting on the launch of the fiat-to-crypto exchange, Changpeng Zhao, CEO & Founder of Binance, 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 at Liechtenstein.”
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Monty C. M. Metzger, the 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.”
Liechtenstein provides a supportive environment for cryptocurrencies so it is no wonder Binance and LCX have chosen to launch their joint crypto exchange in the country. Not only is it conveniently positioned geographically, it is also regulation friendly to the alternative assets. The country plans to introduce the Blockchain Act Liechtenstein. This will give the industry a comprehensive and holistic legal structure and it will be a basis for an entire token economy.
Adrian Hasler, the Prime Minister of Liechtenstein also spoke on the launch: “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.”
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