Business 17 August 2018Gerald Fenech
Binance brings crypto-to-fiat exchange service to Liechtenstein market
Binance, which claims to be the world’s largest cryptocurrency exchange by daily trading volume, has advanced further into the space with an announcement that it is setting up a crypto-to-fiat exchange in the tiny but super rich municipality of Liechtenstein that is nestled in the Alps. The announcement was made by Binance LCX, a joint venture between Binance and Liechtenstein CryptoAssets Exchange, last August 16.
This new Leichtenstein-based trading platform will offer trading pairs between selected cryptocurrencies including Bitcoin Cash, Swiss Francs (CHF) and the Euro (EUR). It expects to add more trading pairs as time goes by and following further regulatory approvals. Binance has already launched a crypto-to-fiat exchange in Uganda, although that is against the national currency there so this new development is an important step forward. It does deal a blow to other countries such as Malta where Binance also announced crypto-to-fiat exchanges against the Euro, but so far nothing has developed in that area. Binance also announced a crypto-to-GBP exchange in Jersey, but again, nothing has come out of that either.
Binance will provide and support the platform, while Binance LCX will lead customer support, regulatory compliance, and government communication. Adrian Hasler, Prime Minister of Liechtenstein, said in a statement: “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.”
Like its neighbour Switzerland, Liechtenstein has a friendly and open stance towards cryptocurrencies and blockchain technology. This is also similar to the island nation of Malta, which calls itself the ‘Blockchain Island.’
In March, Liechtenstein introduced a new blockchain law providing legal and regulatory certainty for businesses and customers. Prime Minister Adrian Hasler told CoinTelegraph the Liechtenstein sees huge potential in the technology, saying, “Blockchain can serve as an important base for a variety of economic applications, covering not only payment transactions but broader financial solutions, industry use cases and general applications.”
At that time, Liechtenstein lending institution Bank Frick also began offering “direct investment” and cold storage for five cryptocurrencies—Bitcoin Cash, BTC, LTC, XRP, and ETH.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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