Binance and Liechtenstein cryptocurrency company announced they would launch a joint fiat-to-crypto trading platform.

Binance's partner within this project is the Liechtenstein cryptoassets exchange (LSX). The initiative is supported by the Liechtenstein authorities who are keen to become a blockchain and cryptocurrency hub.

"The experienced 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 joint statement reads.

Users from Europe will be able to trade cryptocurrencies in pairs with euro (EUR) and Swiss franc (CHF).

The Prime Minister of Liechtenstein Adrian Hasler argues that Liechtenstein's legal framework will not hinder the development of companies such as Binance LCX.

"We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the basis for an entirely new industry. 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," said Adrian Hasler, Prime Minister of Liechtenstein.

Liechtenstein is known for its loyal relationship to digital currencies. The government demonstrates its benevolent and friendly approach to fintech and cryptocurrency market.

“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,” said Changpeng Zhao, CEO & Founder Binance.