Binance teamed up with Liechtenstein Cryptoassets Exchange (LCX) and announced the release of Binance LCX, a fiat-to-crypto exchange headquartered in Liechtenstein, which provides Swiss franc to Euro operations against the main cryptocurrencies.
According to a press release issued by Business Wire, Binance is in charge of maintaining the trading platform and the stock exchange framework, while Binance LCX will provide customer support services and handle the KYC and AML and all legal compliance requirements.
Binance LCX also intends to establish a staff of 10 to 15 people for its Liechtenstein branch. The company will start employing its new personnel as rapidly as they can.
“I believe that Binance LCX will create a sustainable and reliable gateway for professional and regular investors. I look forward to Binance LCX driving new usability and compliance standards for the blockchain industry, and we are excited to bring relevant expertise and best practices to grow our team in Liechtenstein,” stated Changpeng Zhao, Binance CEO and founder.
Why did Binance choose Lichtenstein for its fiat-to-crypto exchange?
Liechtenstein is a small country in the middle of Europe. Its geographical position makes it a fantastic place for Binance to operate its fiat-to-crypto exchange since Lichtenstein is now a member of the European Economic Area. Therefore, Binance LCX would have access to the European markets.
“We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the foundation for a completely new industry. We are confident that the current and future legal framework and practice of Liechtenstein provides a solid foundation for Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein,” stated the Prime Minister of Liechtenstein, Adrian Hasler, who was also present at the Binance press conference.
Although there is not an official list of the cryptocurrencies accepted on the new Binance LCX fiat-to-crypto exchange, some rumors say that Ethereum (ETH), Bitcoin (BTC), and XRP (XRP) would be supported for the beginning.