Binance, the world’s leading cryptocurrency exchange, has created a joint venture with Liechtenstein Cryptoassets Exchange (LCX) a to launch a cryptocurrency trading platform, Binance LCX, that allows users to trade directly against fiat currencies such as the Euro or CHF.
Binance team will oversee operations and management of the technology platform, while LCX will be responsible for managing customer support and regulatory compliance.
A formal event was held to discuss the new exchange including the participation of Adrian Hasler, Prime Minister of Liechtenstein, and Binance CEO Changpeng Zhao. They stated that a team of 10 or 15 people will be hired for Liechtenstein Office of Binance LCX.
Binance LCX will offer trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrency pairs and add more trading pairs overtime.
“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.”
Adrian Hasler, Prime Minister of Liechtenstein, welcomed Binance LCX to Lichtenstein and added: “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.”
Liechtenstein is a strategic and ideal location for Binance LCX as it is in the heart of Europe and it is part of the European Economic Area (EEA). Blockchain Act Liechtenstein will strengthen its position and will provide a gate for Binance LCX to expand its business.