Binance and Liechtenstein Crypto-asset Exchange (LCX), signs a partnership to launch a fiat-to-crypto portal in Liechtenstein, giving their collaboration a name as “Binance LCX”.
According to a post, the experienced team of Binance is said to play a key role in offering and handling the exchange infrastructure. Meanwhile, Binance LCX will carry on:
- The reins for legal compliance and due diligence.
- Customer support.
- KYC AML policies.
- Conveyance with the local government regulatory bodies.
The entity initiates as a result of the partnership plans to establish a team of 10 – 15 individuals for supporting the exchange. The office set up is said to be in Liechtenstein. This fiat-to-crypto exchange will provide support for both the Swiss Francs (CHF) as well as Euros (EUR), with several cryptocurrency trading pairs.
While any two of the firms have yet not disclosed their extensive list of pairs, however, it is eventually speculated that Binance LCX will move on with Bitcoin, Ethereum, and Ripple at the bare minimum. The regulation of state is still in the air and will decide later which cryptocurrency supports add-on.
There were recent tweets from Michael Arrington along with the TechCrunch co-founder, and the CEO of Binance, Changpeng Zhao. This gives us some hints of the new exchange to likely support XRP/EUR and XRP/CHF.
Binance LCX firm states that as the time moves on they will add more trading pairs in near future. Changpeng Zhao expressed his excitement, stating:
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 in Liechtenstein
In the same comment, the CEO of LCX, Monty Metzger, who is also the primary executive, also said that his company is thrilled to partner with Binance in this move. However, many governments seem hesitant to publicly endorse cryptocurrency companies, firms, individuals or ventures. On the other hand, the Prime Minister of Liechtenstein made a welcoming statement along with his appearance at the grand unveiling of the new Binance LCX office.
Liechtenstein is successful in proving itself as a “crypto haven,” incorporating the regulatory environment with this nascent asset class. This country has already starting to see the massive influx of cryptocurrency companies. Whilst the firms’ projects are looking for crypto-friendly banking relationships. Considering the scenario, it is crystal clear why LCX mentions “Liechtenstein is the ideal location” for the Binance LCX exchange.