Binance, the world’s leading cryptocurrency exchange by volume, has partnered with Liechtenstein Cryptoassets Exchange (LCX) to create and launch a cryptocurrency trading platform that allows users to trade directly against fiat currencies such as the euro.
The Malta company announced Binance LCX as the forefront of their trading operations in the Central European economy. This newly established joint venture will allow cryptocurrency users to trade their crypto-assets for Swiss francs (CHF) and euros (EUR). Binance will be overseeing operations and management of the technology platform, while its unification with LCX will be responsible for managing customer support and regulatory compliance.
Just over a year ago, Binance did not exist. It wasn’t until the end of July 2017 when the Binance ICO gave the firm its first presence in a competitive trading market. The company’s ability to handle larger volumes and its choice of being bankless had put it on the top ten crypto exchanges list at an early stage. Binance now leads the list and has recorded 85 percent ICO returns for its token sale participants already.
“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike,” said a confident Changpeng Zao, CEO and founder of Binance. “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.”
LCX, as an individual organization, is “an exchange made for professional investors offering crypto custody, an advanced trading platform for security tokens and other crypto assets.” The company hasn’t released its whitepaper, but it appears “well-backed,” should the sheer presence of some high-profile names, including Wikipedia’s Founder Jimmy Wales, in its advisory list be considered.
LCX is reportedly looking to obtain a MiFID II license in line with the Liechtenstein Banking Act. The exchange will also be applying for permits under the Liechtenstein Blockchain Act, a holistic initiative by the Government of Liechtenstein to build legal security for cryptocurrency and blockchain businesses.
The Binance LCX partnership has attracted support from Adrian Haslet, the Prime Minister of Liechtenstein, indicating strong political and regulatory backing for this initiative. Haslet said:
“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.”
The Binance token value (BNB/USD), as of the time of writing, had risen approximately four percent on the news.
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Last modified: May 20, 2020 6:06 PM UTC