Binance has partnered with the Liechtenstein Cryptoassets Exchange (LCX) to launch a new fiat-to-crypto exchange called Binance LCX, providing fiat liquidity to European crypto investors.
The joint venture, first announced in a press release published in Business Wire on August 16, will offer “trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs” for qualified investors. Additional crypto-fiat trading pairs will be added over time “subject to regulatory approval.”
Binance, which is among the top three crypto exchanges in the world based on 24-hour trading volume, will leverage their experience to “provide and maintain the technology platform,” while the LCX part of the team will provide “customer support, legal requirements, due diligence, KYC, AML and government communication.”
Changpeng Zhao, CEO & Founder of Binance, said that he believes that the new joint venture “will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike,” adding that he hoped that the new exchange “will drive new standards for usability and compliance for the blockchain industry.”
Liechtenstein has joined the race to attract cryptocurrency business to the country, competing with crypto-friendly European rivals like Gibraltar, Malta, and Switzerland. In March, Liechtenstein’s Bank Frick became one of the first European banking institutions offering “direct investment” and custodial services for investors looking for cryptocurrency exposure.