Binance LCX launches fiat-to-crypto exchange in Liechtenstein

Binance LCX, the joint venture between the world’s biggest cryptocurrency trading platform and Liechtenstein Cryptoassets Exchange (LCX), announced the launch of a fiat-to-crypto exchange.

Binance is expanding its presence across Eurpoe

The new trading venue will be located in Liechtenstein and will offer trading between the major cryptocurrencies and Swiss francs and euros, the joint venture announced in a press statement on Thursday evening.

Binance will provide and maintain the technology platform, while the joint venture will manage customer support, legal requirements, due diligence and regulatory commitments to know your customer (KYC) and anti-money laundering (AML).

Liechtenstein ideal

The company said Liechtenstein was the ideal location for its new exchange, positioned in the heart of Europe and part of the European Economic Area and enabling market access and passporting to the rest of the continent. Meanwhile, the legal environment is soon to become more crypto-friendly with the likely passing of the Blockchain Act.

Liechtenstein prime minister Adrian Hasler 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.”

Building a future in Europe

Changpeng Zhao, co-founder and chief executive of Binance, added: “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.”

Binance has been building up a strong presence in crypto-friendly locations in Europe. Having established a headquarters in Malta in June, the exchange has also signed a memorandum of understanding with Digital Jersey to develop an exchange on the Channel Island.