Binance LCX, a joint project between Binance and Liechtenstein Cryptoassets Exchange (LCX), announced that they will be launching a new fiat-to-crypto exchange for investors. The announcement was posted just a day after two nearly identical photos of the same hotel room were posted on Twitter by both Binance CEO Changpeng Zhao and LCX’s Michael Arrington.
According to the official press release Binance will be in charge of supplying and maintaining the platform, while Binance LCX will be responsible for managing “customer support, legal requirements, due diligence, KYC, AML and government communication”.
The exchange will first have trading support for Euro and Swiss Franc conversions to major digital currencies, with plans of expanding this to other coins which are waiting to receive regulatory approval. The platform will employ right away a team made out of ten to fifteen individuals for an office based in Liechtenstein.
The Prime Minister of Liechtenstein, Adrian Hasler said after attending the launch that he welcomes Binance’s platform 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”.
The news was made nearly a year after Financial Market Authority (FMA), the country’s regulator, made public its stance regarding ICOs, setting the course for the industry’s future development in the small nation. Liechtenstein has shown since then that it has taken a leaf from Switzerland’s book and dedicated a great deal of support to blockchain-related projects and endeavors.
Many positive developments have been announced this year, including Bank Frick’s offers for direct cryptocurrency investment and cold storage, along with Liechtenstein’s government putting forward encouraging regulations known as the Liechtenstein Blockchain Act; which will receive approval in the following months.