Binance LCX and Liechtenstein Crypto-asset exchange have partnered to launch a Fiat-to-currency exchange platform. Binance LCX, is a jointly owned venture between Binance and LCX. According to a press statement released on the 16th of August. The joint partners also intend to form a team of about 10-15 experts for the Liechtenstein office which will immediately start the hiring process as soon as possible. It was expressly stated that:
“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.”
This new Fiat-to-crypto trade platform, which is situated in Liechtenstein, features the capacity of facilitating trading between Swiss Franc(CHF) and Euros(EUR) against major virtual currencies partners. Despite this, it intends accommodating more trading partners once the regulatory approval aspect has been settled. The Founder and CEO of Binance, Changpeng Zhao, also expressed his optimism in the project. He stated that:
“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.”
In June 2018, Binance also signed a Memorandum of Understanding (MoU) with Digital Jersey to develop a crypto exchange in New Jersey. That same month, the crypto exchange firm announced that it was planning to roll out the option of Euro trading pairs. Also, Zhao reportedly said that Binance expects to make a gain of $500 million to $1 billion this year.
Binance LCX is a fiat-to-crypto exchange which is based in Liechtenstein. Binance LCX is part of Binance’s blockchain ecosystem comprised of Exchange, Info, Labs, Academy, Launchpad, and Charity Foundation. Binance is also one of the leading, fastest growing and most popular cryptocurrency exchanges in recent times. The platform focuses on security, buoyancy and execution speed which will consequently attract prospective traders and professional traders as well.
The Binance LCX Partnership Details
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 on 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 seems to be the perfect location for Binance LCX to commence operation as it geographically sits in the heart of Europe and also being a part of the European Economic Area (EEA). The strategic location will enable market access and effective passport to the rest of Europe. Liechtenstein will be proposing an introduction of the Blockchain Act Liechtenstein which will strengthen its position and allow a detailed and holistic legal framework as a basis for the entire digital currency economy.
Liechtenstein and Its Progressive Exploration of Blockchain Technology
It is crystal clear that Liechtenstein has taken an optimistic approach towards digital currency and blockchain as a whole, it has also echoed its development into some other neighboring countries such as Switzerland which is often referenced with its famous “Crypto valley” in Canton of Digital. This has shown that the state is exploring the numerous potentials of the blockchain technology and are keying into it for the progress of its economy.
Though recently, Liechtenstein reportedly initiates a new set of blockchain laws and regulations which will prevent legal anomalies and ensure certainty between both businesses and customer. Jasper report told a mainstream media platform that the country has identified a future in the potentials of the blockchain system and that the nation remains optimistic in exploring this emerging technology.
“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.”
A handful of development occurred in March as we witnessed Liechtenstein lending institution Bank Frick Initiated a “direct investment” and cold storage project aiming at five major digital currency namely; Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple. This new option is primarily targeted at “professional market participants and financial intermediaries.” According to the bank’s Chief client officer, Hubert Büchel, who laid claims on their crypto-related services, these financial intermediaries “are in demand from companies across the whole of Europe.”