Binance LCX, a partnership between Binance and LCX (Liechtenstein Cryptoassets Exchange), has announced their launch of a fiat-to-crypto exchange, as per the press release published.
The trading platform would be located at Liechtenstein and would offer fiat trading supporting Swiss Francs (CHF) and Euros (EUR) alongwith major digital currencies pairs, and plans to subsequently add more trading pairs following their regulatory approvals.
In terms of participation, Binance would be providing the platform alongwith support while Binance LCX will lead into customer support, regulatory compliance, and government communication. Adrian Hasler, Prime Minister of Liechtenstein, commented the launch:
Swiss Cryptocurrency Effect?
Liechtenstein has been very active into cryptocurrency and blockchain sphere mostly being inspired by their neighbour Switzerland, popularly known as ‘Crypto Valley’, in the canton of Zug.
Liechtenstein, very recently introduced a law for blockchain which would facilitate legal and regulatory certainty for businesses and customers. In an interview, Hasler said that the country sees great potential in blockchain technologies, adding:
Earlier this March, Frick, Liechtenstein’s lending institution Bank started support for five major cryptocurencies i.e. Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum providing “direct investment” and cold storage for them.
Their service is exclusively available for “professional market participants and financial intermediaries.” Hubert Büchel , Chief client officer, also placed a claim of their crypto-related services “are in demand from companies across the whole of Europe.”