Binance To Launch FIAT To Crypto Exchange
Liechtenstein is one of the smallest countries in the world. With a population of 38,000 and an area covering just 162 square kilometers, Liechtenstein is a country with a lot of character. It’s also the world’s leading manufacturer of false teeth and now the new home of Binance LCX, a partnership between leading cryptocurrency exchange Binance and the Liechtenstein Cryptoassets Exchange (LCX), in a move that hopes to bring citizens in Liechtenstein the opportunity to access a local, but leading FIAT-Crypto exchange.
According to the official announcement:
“Binance LCX, a joint venture between Binance and LCX, is announcing the launch of a fiat-to-crypto exchange in Liechtenstein today. The experienced team at Binance will provide and maintain the technology platform, while Binance LCX manages customer support, legal requirements, due diligence, KYC, AML and government communication. Binance LCX plans to build up a team of 10–15 people for its Liechtenstein office and will immediately start the hiring process. The exchange will offer trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs, and add more trading pairs overtime subject to regulatory approval.”
With their close neighbours Switzerland leading a charge for cryptocurrency adoption and the likes of Austria and Germany not too far behind, Liechtenstein could use this as a leg up into the mainstream crypto market, becoming yet another central European country that looks likely to fully adopt cryptocurrency in the future.
Changpeng Zhao, the CEO of Binance has commented on this new integration, 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.”
Moreover, the CEO of LCX, Monty Metzger has said:
“Professional investors need a reliable fiat channel to invest into crypto assets. We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.”
full announcement here done by LCX, here.
This has great implications for people living in Liechtenstein as for the first time, they now have access to a viable cryptocurrency exchange that can offer them the chance to delve into the industry and learn more about crypto investment. Moreover, this compliments the countries plans to develop their own blockchain strategy, in line with their other neighbours and in line with many other states that exists as a part of the European Economic Area. This, is a great move for the expansion of crypto in Europe on the whole.
Adrian Hasler, the Prime Minister of Liechtenstein is bullish about the opportunities Binance LCX could present citizens in Liechtenstein:
“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.”