2018-8-21 17:29 |
Binance has partnered with Liechtenstein Cryptoassets Exchange (LCX) and declared the launch of Binance LCX. Binance LCX, a fiat-to-crypto exchange based in Liechtenstein, is aimed to offer trading between Swiss francs and Euros against major cryptocurrencies.
Based on a press release published on Business Wire, Binance is responsible for taking care of the trading platform and maintaining the exchange’s infrastructure, whereas Binance LCX will provide customer support and manage the KYC and AML procedures and all the legal requirements. Binance LCX aims to create a team of 10 to 15 professionals for its Liechtenstein office. The organization will start the hiring of its new staff as early as possible.
Speaking on the partnership, Binance CEO and founder Changpeng Zhao said:
“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.”
Why Was Liechtenstein Chosen for This New Venture?Liechtenstein is a beautiful, tiny country that is located in the heart of Europe. Its geographical location makes it an excellent spot for Binance LCX’s operation. Since Liechtenstein is presently a part of the European Economic Area, this gives access to European markets through EU rules.
The Prime Minister of Liechtenstein, Adrian Hasler, not only issued a welcoming statement for the new partnership but was also physically present at the inauguration of Binance LCX. He said:
“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.”
Chances of Adding More Trading PairsThe newly established joint venture will add more trading pairs in the future if approved. The two firms have not yet provided a complete list of pairings, but reports speculate that the exchange will support Ethereum (ETH), Bitcoin (BTC) and Ripple (XRP) at the bare minimum.
Binance Partners with Liechtenstein Cryptoassets Exchange (LCX), Launches Fiat-to-Crypto Exchange for Cryptocurrency Investors was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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