Binance, the world’s largest cryptocurrency exchange by means of trade volume, and a local professional Swiss cryptocurrency exchange will be making a fiat-to-crypto exchange available for its users.
Binance Continues to Grow
Binance continues its march to new lands, announcing on August 16th that it will be launching a fiat-to-crypto exchange in Liechtenstein. The project is in collaboration with a local cryptocurrency exchange called LCX.
According to the official announcement, Binance will be responsible for the technology and the maintenance of the platform whereas the joint venue, called Binance LCX, will be managing the customer support, due diligence, legal requirements, KYC, AML, and so forth. Reportedly, the plan is to build up a team of up to 15 people for the office in Liechtenstein.
The new venue will enable traders to exchange Swiss Francs (CHF) and Euros (EUR) against some of the major cryptocurrency pairs. More trading pairs are going to be added after receiving regulatory clearance.
Focus on Serious Investments
While there is no mention of required minimum trading amounts, the new venue is seemingly geared towards catering to the needs of professional investors. The CEO of LCX said:
Professional investors need a reliable fiat channel to invest into crypto assets. […] We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.
A similar sentiment can also be noted in the statement of the Co-Founder & CEO of Binance, Changpeng Zhao, who noted:
I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. 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 in Liechtenstein.
Earlier in June, the world’s largest cryptocurrency exchange launched another fiat-to-crypto exchange based in Uganda.
What do you think of Binance’s new initiative? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock.