Binance LCX has released a surprising new announcement yesterday, August 16. According to their statement, the joint venture of Liechtenstein Cryptoassets Exchange (LCW) and Binance are launching a new exchange that will allow the exchange of fiat currencies to cryptos.
Binance LCX Launches A New Exchange Platform
The platform will be based in Liechtenstein and will allow euros (EUR) and Swiss Francs (CHF) to be exchanged for several major cryptocurrencies. In time, the exchange will add many more trading pairs, as soon as they receive regulatory approvals. This information comes as per a press release released by Binance LCX.
— LCX (@lcx) August 16, 2018
The platform will be maintained by Binance itself, while the joint entity will be responsible for leading customer support, communicating with the governmental bodies, and handling regulatory compliance.
So far, Liechtenstein’s government seems more than pleased with this move, according to the statement by the country’s Prime Minister, Adrian Hasler. He said that the country’s future legal framework will surely provide Binance LCX with a stable foundation. Furthermore, he hopes that the other blockchain firms will be equally as capable of benefiting from Liechtenstein’s relatively lax regulatory environment.
While a majority of European governments still do not trust crypto, Liechtenstein has quickly become known as a blockchain and crypto-friendly country. In fact, the country is working on improving these technologies by working on their development, similarly to Switzerland itself. Not only that, but Liechtenstein has recently introduced a new pro-blockchain law.
The law will provide both businesses and their customers with regulatory and legal certainty in order to make working with cryptocurrencies safe and profitable for everyone involved. Additionally, Hasler also mentioned that he believes that these technologies hold great potential. In fact, the entire country shares this view and believes that blockchain can be a major base for various economic applications.
Through blockchain tech, numerous financial solutions can be achieved, and its potential goes far beyond covering payment transactions. Additionally, Hasler believes that blockchain can also offer use cases in various industries and even general applications.
Liechtenstein Takes Care of Europe
Another important development in this situation includes a lending institution from Liechtenstein, Bank Frick, which started offering cold storages and direct investments in five cryptos in March of this year. The coins that they support include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, and Litecoin (LTC).
The service wishes to meet the needs and requirements of professional participants of the crypto market, as well as major financial intermediaries. The fact is that crypto-related services are much-needed in Europe. Because of this, Hubert Büchel, the bank’s Chief Client Officer, believes that this is the right move and that Bank Frick is more than capable of satisfying the needs of clients from all over Europe.
As for Binance LCX, there is still much work that needs to be done, mostly regarding the communication with the country’s government and ensuring that all regulations are properly met. The exchange is also filling the empty spots within its team, all with the goal of providing the best professional service to their target audience.
— Michael Arrington (@arrington) August 16, 2018
Not only that, but this new location will allow the exchange to essentially serve the entirety of Europe, as well as all visitors to the continent. Blockchain Act Liechtenstein will provide all legal responsibilities, and by all intents and purposes, the exchange is ready to revolutionize the crypto dealings in Europe.