Binance Getting Closer to European Clients

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Fredrik Vold

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Fredrik Vold

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June 26, 2023 06:53 EDT

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Crypto exchange giant Binance and Liechtenstein Cryptoasset Exchange (LCX) announced that they are setting up a new fiat-to-crypto exchange that will offer trading in Swiss francs and euros for European users.

The new exchange will be operated by a newly formed joint venture under the name Binance LCX, where Binance will supply the technology and the new joint venture will take care of all other operational duties, according to a press release. The new company said they are aiming to build up a team of 10-15 people at its Liechtenstein office, and that the hiring will begin immediately.

“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 at Liechtenstein,” Changpeng Zhao, founder and CEO of Binance, said in a statement.

Liechtenstein has already made a name for itself in the blockchain industry, with a forward-looking regulatory framework known as the Blockchain Act Liechtenstein currently being considered. Also, earlier this year Liechtenstein’s Bank Frick became the country’s first institution of this kind to add cryptocurrency trade to its product portfolio.

The Crown Prince of the European micro-state has also been quoted as saying that “the royal family might invest in crypto” and that this could become “one way to help his family restore its wealth.” Already one of the wealthiest royal families in Europe, the family owns a private bank, has extensive stock investments, and large amounts of land in Austria, according to Forbes.