LCX, the Liechtenstein Cryptoassets Exchange, a new exchange company will soon launch services including crypto custody, a professional trading platform for security tokens and other crypto assets, and an international fiat to crypto exchange.
Liechtenstein, a small AAA-rated country bordering Austria, Germany, and Switzerland, has recently made headlines for announcing the Liechtenstein Blockchain Act, which shall be enacted soon and provide comprehensive market-friendly regulation for an entire token economy as well as the long-sought legal certainty.
The Financial Market Authority Liechtenstein has already approved three Alternative Investment Funds for cryptoassets this year. Several Liechtenstein banks have made a strategic decision to offer crypto-banking services with the same high standards as their traditional banking services, which are not available to retail clients.
For the international fiat to crypto exchange, LCX has formed a strategic partnership with popular cryptocurrency exchange Binance, to be known as Binance LCX.
This joint venture between Binance and LCX was officially today in Liechtenstein. The team at Binance will provide and maintain the technology platform, while Binance LCX manages customer support, legal requirements, due diligence, KYC, AML and government communication. Binance LCX plans to build up a team of 10–15 people for its Liechtenstein office and will immediately start the hiring process. The exchange will offer trade between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs and plans to add more trading pairs overtime subject to regulatory approval.