One of the major crypto trading services Binance and Lichtenshtein Cryptoassets Exchange (LCX) expressed intentions to set up a JV for a new fiat-to-crypto exchange called Binance LCX.
According to the available data, the new project will be located in Liechtenstein. Initially, users will be able to exchange Swiss franc and euro to the major cryptos, though in the long run, the company plans to expand the list of supported coins as it receives the corresponding licenses.
“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,” said Changpeng Zhao, CEO & Founder Binance.
The duties will be shared as follows: Binance will provide the platform, including its servicing, while Binance LCX will monitor regulation compliance (in particular KYC, AML), support clients as well as cooperate with the state authorities.
Lichtenshtein has been well-positioned for crypto businesses lately, following Switzerland. It is worth mentioning that the country has drafted new rules for the blockchain sector
"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," said Adrian Hasler, Prime Minister of Liechtenstein.