Binance LCX Launches Fiat-to-Crypto Exchange in Liechtenstein
Binance is set to provide and maintain the platform, while Binance LCX manages customer support, due diligence, legal requirements, KYC, AML and government communications. Binance LCX plans to build a team of roughly 10-15 individuals to fulfill the venture in their Lichtenstein office.
The exchange will initially provide support for fiat-crypto trading pairs, including euros (EUR) and Swiss francs (CHF), before adopting more fiat markets overtime following regulatory approval.
The team decided to set up in the Liechtenstein location due to the fact that the region falls within the European Economic Area (EEA) and grants access and passporting to the rest of Europe. Liechtenstein even plans on introducing the Blockchain Act Liechtenstein, which “provides a comprehensive and holistic legal structure as a basis for building a token economy.”
Adrian Hasler, the Prime Minister of Liechtenstein, has stated, “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 news comes just weeks after Binance CEO Changpeng “CZ” Zhao emphasized that the company is less interested in competing with Coinbase in the U.S. market, preferring to instead focus efforts in places like Malta where he can promote decentralized financial systems directly with heads-of-state.