Binance LCX, a joint venture amongst Binance and Liechtenstein Cryptoassets Exchange (LCX), has declared the launch of a fiat-to-crypto exchange, as indicated by an official statement published on August 16.
The new trading platform will be situated in Liechtenstein and offer to trade between Swiss Francs (CHF) and euros (EUR) against major digital currencies sets, including more trading sets following regulatory approvals.
The platform will provide and be supported by Binance, while Binance LCX will lead client support, regulatory consistency, and government correspondence. Adrian Hasler, Prime Minister of Liechtenstein, commented on the launch:
“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 has taken a well disposed and open position towards cryptocurrencies and blockchain innovation, resounding developments in neighboring Switzerland known for its “Crypto Valley” in the canton of Zug.
Liechtenstein presented another blockchain law which gives lawful and regulatory certainty to businesses and clients. In a meeting with Cointelegraph, Hasler said that the nation sees incredible potential in blockchain advancements, including:
“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.”
In March, Liechtenstein loaning establishment Bank Frick started offering “direct investment” and cold storage for five digital currencies; Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum. The service is pointed essentially at “professional market participants and financial intermediaries.” The bank’s Chief customer officer Hubert Büchel asserted that their crypto-related services “are in demand from companies across the whole of Europe.“