Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange, according to a press release published August 16. The new trading platform will be located in Liechtenstein and offer trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs, subsequently adding more trading pairs following regulatory approvals.
Binance will provide and support the platform, while Binance LCX will lead customer support, regulatory compliance, and government communication. Adrian Hasler, Prime Minister of Liechtenstein, commented 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 friendly and open stance towards cryptocurrencies and blockchain technology, echoing developments in neighbouring Switzerland known for its “Crypto Valley” in the canton of Zug.
Recently, Liechtenstein introduced a new blockchain law which provides legal and regulatory certainty for businesses and customers. In an interview with Cointelegraph, Hasler said that the country sees great potential in blockchain technologies, adding:
“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 lending institution Bank Frick began offering “direct investment” and cold storage for five cryptocurrencies; Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum. The service is aimed primarily at “professional market participants and financial intermediaries.” The bank’s Chief client officer Hubert Büchel claimed that their crypto-related services “are in demand from companies across the whole of Europe.“