LCX announced on its latest press release that it has acquired an official Business License from Liechtenstein’s Ministry of Economic Affairs. The license gives LCX the right to operate an exchange. LCX revealed its plan to file with Liechtenstein’s Financial Market Authority (FMA) to become a registered trading platform for other digital assets as well.
In the preparation to apply for additional licenses, LCX has increased its nominal capital from 100’000 CHF to 1’000’000 CHF. LCX intends to apply for the licenses of the Financial Market Authority (FMA) and other regulators Agencies to be able to trade security tokens and offer other regulated services.
An LCX representative said, “With this license, we got the permission from the regulator to provide crypto exchange trading services for utility and payment tokens. So, we can offer an exchange to investors, to safely trade utility and payment coins (stable coins for example), that is approved by the regulator.” LCX can now offer “services that other crypto exchanges offer … in a regulatory compliant manner.”
LCX is currently offering a number of crypto assets paired with Euro (EUR) and Swiss Franc (CHF). LCX’s platform is fully compliant with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations which were recently established to ensure investor’s safety.
LCX is focused on developing a perfect, all-in-one crypto trading platform for professional and institutional investors. In partnership with Binance, LCX is all set to offer a trading desk, cold storage (vault), a securities trading platform and a fiat-to-crypto exchange platform.
Binance’s CEO, Changpeng Zhao, stated that the new exchange will set “new standards for compliance for the blockchain industry.” The partnership opened a new gateway to the lucrative European market for Binance. The joint venture also offers a strong financial and technological background for LCX.
Other LCX Products
The crypto-fiat exchange wasn’t the only product that LCX launched recently. LCX Terminal is a trading desk for crypto assets, providing a portfolio management functionality, analytics platform, automated trading capability, and audit reporting.
LCX also launched a crypto custody service recently, LCX Vault. LCX Vault is still in a closed beta phase. The crypto-friendly policies that Liechtenstein has to offer are likely to attract various cryptocurrency businesses.