Binance Enters Joint Venture to Create European Fiat Exchange

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Cryptocurrency exchange giant Binance is moving into fiat trading through a joint venture with Liechtenstein Cryptoassets Exchange (LCX), a cooperation that was first announced on August 16. The service going under the name of “Binance LCX” has already started the hiring process to build a team of 10 to 15 people that will be in charge of the operations in the Liechtenstein office, so if you are interested you should definitely look it up on their platform.

Located in Liechtenstein, this new trading platform will enable the exchange of Swiss Francs and Euros against some of the most popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The exact pairs are not yet included in the press release. Binance on its own will develop the platform and work on updates, while Binance LCX (the joint venture) will take care of customer support, compliance, and communication with the government and the public.

CEO of LCX Monty C.M. Metzger expressed the need for professional investors to have a fiat channel they can rely on to make investments into crypto assets easier. He also stated his excitement to collaborate with Binance and set forward new frontiers for the blockchain industry.

Adrian Hasler, Prime Minister of Liechtenstein, spoke with confidence about the current and future legal framework in Liechtenstein, and business practices to provide the foundation that Binance LCX and other blockchain companies need in order to produce significant results through their results.

In a recent interview with CoinTelegraph Hasler said the entire country sees the great potential of blockchain technology. This was followed through by the introduction of a new blockchain law that improves legal and regulatory certainty for both business and customers, effectively lowering the difficulty of understanding the compliance process.

In the same interview Hasler expresses his opinion of blockchains being capable to be an important base for a wide variety of financial applications, but even beyond, being capable of providing great results for the entire economy and specific industries.

Back in March, Liechtenstein’s lending institution Bank Frick started to open up for blockchain business by providing investment and cold storage options for the top five cryptocurrencies i.e. Bitcoin, BitcoinCash, Litecoin, Ripple’s XRP, and Ethereum. The main target of this service was the professional market providers and financial intermediaries, and the service was a great success that led Hubert Büchel to claim that all of their services are in high demand from companies around the European Union.

Featured Image via Pexels.

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