An announcement made by the largest cryptocurrency exchange by volume, Binance, that it has come into a partnership with the Liechtenstein Crypto Exchange and a new trading platform supporting fiat-to-crypto transactions that will emanate from their collaboration.
According to the press release published on the 16th of August, the joint venture will be given the name, Binance LCX that will be headed by Binance’s “experienced team” that will provide for the initiative’s infrastructure while the merger will be focussing on customer support and other secondary operations under legal section like KYC, AML, and communication with local government bodies.
The Malta-based company announced that the new tie-up will be spearheading its trading transactions in Central Europe. Binance LCX will allow the users to trade their crypto-assets for European fiat currencies like Swiss Francs (CHF) and Euro (EUR). Though the company has not listed the pairs of tradable tokens, it has been largely estimated BTC, ETH, and XRP will be the preferred ones.
Binance has witnessed an exponential growth since it first launched its ICO last year in July and entered the competitive trading market. The company has excelled at handling large trade volumes. The fact that it chose to not have any contact with banks, resulted in, it being one of the top 10 crypto exchanges.
LCX, is an exchange that comes forward to offer professional investors an advanced trading platform that supports major security tokens and a variety of crypto assets. The firm is also in process of obtaining MiFID II license under the Liechtenstein Banking Act, which is a government initiative to arrange for legal security for blockchain and cryptocurrency businesses.
The Prime Minister of Liechtenstein, Adrian Haslet too, has shown support for this new joint venture between LCX and Binance. Haslet appreciated the project and 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.”