Liechtenstein Cryptoassets Exchange Granted Business License by Regulator

Professional traders-focused Liechtenstein Cryptoassets Exchange (LCX) has recently acquired a “business license” in Liechtenstein, according to a press release shared with Cointelegraph Nov. 27.

The new license granted by the Liechtenstein Ministry of Economic Affairs is reportedly a milestone for LCX in developing a “fully regulated blockchain ecosystem,” targeting institutional and professional investors.

Following the recent licensing, the LCX is also planning to apply for a Financial Market Authority (FMA) license, as well as other regulators’ approvals to trade security tokens among other offerings, the firm revealed in the press release. In order to receive more licenses, the LCX has reportedly increased its nominal capital from 100,000 CHF ($100,100) to 1 million CHF ($1.1 million).

Claiming to comply with “all regulatory requirements” for Anti-money laundering (AML) and Know Your Customer (KYC), the LCX now officially provides institutional crypto players with a number of services, including a trading desk, storage vault, and a global fiat-to-crypto exchange dubbed Binance LCX.

Binance LCX represents a joint venture between the LCX and the currently world’s largest crypto exchange Binance. Launched in August 2018, the exchange offers trading in major cryptocurrencies pairs against CHF and euros (EUR).

Also in August, a Liechtenstein-based bank, Union Bank AG, revealed that it had issued its own internal cryptocurrency backed by fiat.