Home / Crypto Currency / Binance, LCX Collaborate to Launch Fiat-to-Cryptocurrency Exchange in Liechtenstein

Binance, LCX Collaborate to Launch Fiat-to-Cryptocurrency Exchange in Liechtenstein


binance cryptocurrency exchange

Advertisement

Binance, the world’s leading cryptocurrency exchange by volume, has partnered with Liechtenstein Cryptoassets Exchange (LCX) to create and launch a cryptocurrency trading platform that allows users to trade directly against fiat currencies such as the euro.

The Malta company announced Binance LCX as the forefront of their trading operations in the Central European economy. This newly established joint venture will allow cryptocurrency users to trade their crypto-assets for Swiss francs (CHF) and euros (EUR). Binance will be overseeing operations and management of the technology platform, while its unification with LCX will be responsible for managing customer support and regulatory compliance.

Just over a year ago, Binance did not exist. It wasn’t until the end of July 2017 when the Binance ICO gave the firm its first presence in a competitive trading market. The company’s ability to handle larger volumes and its choice of being bankless had put it on the top ten crypto exchanges list at an early stage. Binance now leads the list and has recorded 85 percent ICO returns for its token sale participants already.

“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike,” said a confident Changpeng Zao, CEO and founder of Binance. “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.”

liechtenstein bitcoin cryptocurrency

LCX, as an individual organization, is “an exchange made for professional investors offering crypto custody, an advanced trading platform for security tokens and other crypto assets.” The company hasn’t released its whitepaper, but it appears “well-backed,” should the sheer presence of some high-profile names, including Wikipedia’s Founder Jimmy Wales, in its advisory list be considered.

LCX is reportedly looking to obtain a MiFID II license in line with the Liechtenstein Banking Act. The exchange will also be applying for permits under the Liechtenstein Blockchain Act, a holistic initiative by the Government of Liechtenstein to build legal security for cryptocurrency and blockchain businesses.

The Binance LCX partnership has attracted support from Adrian Haslet, the Prime Minister of Liechtenstein, indicating strong political and regulatory backing for this initiative. Haslet 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.”

The Binance token value (BNB/USD), as of the time of writing, had risen approximately four percent on the news.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Cryptocurrency Trading Update: Have Crypto Markets Reached The Bottom?

FOMO Moments Markets are stagnant this Thursday; FunFair and WAX rising, Maker and Monacoin falling. There has been very little market movement over the past 24 hours. The good news is that the movement that has happened has been positive and markets have just crept back above $200 billion total capitalization. Bitcoin is up less than one percent today but that has been enough to take it over the $6,400 resistance level. BTC is currently trading at $6,405 but technical indicators suggest more selling pressure. Ethereum has dropped back by a similar amount to take it just below $210. ETH is also very bearish at the moment. Altcoins are generally mixed about half and half gaining and losing. In the top ten only EOS is in the green with gains of 2.5 percent. The rest are flat or losing a percent or two. Similar lethargy can be seen in the top twenty where most altcoins are plus or minus a percent or two at the time of writing. Nem and Dogecoin have both lost over 3% in the past day. There are a couple of big movers today but they are much further down the market cap chart. Leading the top one hundred is FunFair jumping 24% on the day, followed by Chainlink up 21%. Also performing well at the moment is WAX, Loopring, Decentraland and RChain, all climbing over 9% on the day. At the messy end of things is Maker and Monacoin dumping 8-9 percent over the past 24 hours. Total market capitalization has broken $200 billion once again and has held that level for the past 12 hours or so. Markets took a dump back down to $193 billion at 20.00 UTC+1 but immediately bounced back with an $8 billion pump to their current levels. Over the past week crypto markets have gained 3% however on the month they have dropped close to 8%. Things are still very bearish in crypto land as markets lull around their lowest levels for a year. There is hope that no further dumps could see this as the bottom and markets will slowly start to recover, however there has yet to be any strong bullish momentum to indicate this could be happening soon. FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals. The post Cryptocurrency Trading Update: Have Crypto Markets Reached The Bottom? appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.