The Binance and Liechtenstein Cryptoassets Exchange (LCX)’s joint venture has disclosed new information on the launch of its fiat-to-crypto exchange via a press release.
Binance LCX, a joint venture startup developed in collaboration between the world’s leading cryptocurrency exchange by market cap Binance and the Liechtenstein Cryptoassets Exchange (LCX), is thrilled to announce that its fiat-to-crypto trading platform is set to be located in Liechtenstein and support trading services between Swiss Francs (CHF) and euros (EUR) in pair with several influential cryptocurrencies, with more digital assets being listed soon.
Binance will monitor the operations of the platform, while the joint venture itself will take care of customer support, compliance with the law in force and government communication.
Adrian Hasler, Prime Minister of Liechtenstein, expressed his vision on the release:
“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.”
A crypto-friendly location
Liechtenstein is considered one of the most crypto-friendly locations, opening its doors to cryptocurrency and blockchain projects and becoming a strong competitor of Switzerland and its “Crypto Valley” located in Zug.
Lately, Liechtenstein released a regulatory framework for blockchain-powered businesses. Speaking to Cointelegraph, Hasler claimed that blockchain technology shows a major interest for both authorities and investors:
“Blockchain can serve as an important base for a variety of economic applications, covering not only payment transactions but broader financial solutions, industry use cases and general applications.”
Back in March, Bank Frick, a lending organization based in Liechtenstein, has begun providing “direct investment” and cold storage for the following digital assets: Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum. Hubert Büchel, Bank CCO, explained their crypto-powered offers “are in demand from companies across the whole of Europe.”