17 August, AtoZ Markets – A joint venture between Liechtenstein Cryptoassets Exchange (LCX) and Binance, Binance LCX, has announced the launch of a fiat-to-crypto exchange. The official press release has been published yesterday.
Binance LCX to Launch Fiat-to-Crypto Exchange
The new exchange will be based in Liechtenstein and provide trading services between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrency pairs. In the future, the platform is planning to add more trading pairs after the respective regulatory approvals.
Binance, from its side of the alliance, will offer the support for the platform. The Binance LCX will be responsible for customer support, government communication, and regulatory compliance. According to the Prime Minister of Liechtenstein, Adrian Hasler:
“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 adopted a friendly stance regarding cryptocurrencies and Blockchain technology as a whole. The country, in part, has reflected on the innovative developments in Switzerland, which is known for its “Crypto Valley” in the canton of Zug.
Liechtenstein Blockchain Developments
Just recently, Liechtenstein has introduced a new Blockchain legislation which offers legal and regulatory clarity for businesses and clients. Mr. Hasler has reportedly stated that the country sees great potential in Blockchain. He has been quoted as saying:
“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, Liechtenstein lending institution Bank Frick commenced offering “direct investment” and cold wallet services for five cryptocurrencies: Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Ethereum. The service has been aimed at “professional market participants and financial intermediaries.” The Chief client officer of the bank, Hubert Büchel, has stated that their crypto-related services “are in demand from companies across the whole of Europe. “
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