Binance and LCX launch fiat-to-crypto exchange in Liechtenstein

Binance, the second largest cryptocurrency exchanges in terms of 24-hour trading volume, in collaboration with LCX – Liechtenstein Cryptoassets Exchange, has launched a fiat-to-crypto exchange in Liechtenstein.

Recently, LCX announced plans to launch a number of services including crypto custody, a professional trading platform for security tokens and other cryptoassets, and an international fiat to crypto exchange.

Binance LCX, a joint venture between Binance and LCX, is part of Binance’s blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, and Charity Foundation. It will offer trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs.

“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.

According to the official release, Binance will provide and maintain the technology platform, while Binance LCX will take care of customer support, legal requirements, due diligence, KYC, AML and government communication.

In a move to strengthen its position as a blockchain hub, Liechtenstein announced a comprehensive Blockchain Act earlier this year. The planned act will provide a comprehensive and holistic legal structure as a basis for an entire token economy.

"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," said Adrian Hasler, Prime Minister of Liechtenstein.

[Update: Second para added]