Several crypto exchanges have continued to be licensed for offering crypto trading services. The latest is Liechtenstein, LCX, which would be offering it for payment and utility tokens. LCX will be providing four main cryptocurrency services in partnership with Binance.
LCX Is Now A Regulated Exchange
On Tuesday, 27th November, LCX made a big announcement. That was the day it was granted a license by the Liechtenstein Ministry of Economic Affairs to operate in Liechtenstein. Apart from being allowed to offer utility and payment tokens, there is still much they can do. They can also provide exchange services to investors who want to trade payment and utility coins. The exchange can now provide services offered by other crypto exchanges. However, they have to be in a regulatory compliant manner.
The Highest Technology Standards
LCX has been using integrated technologies such as Know-your-customer – KYC, and Anti-money laundering- AML. The technologies have now been intergraded to work better than before. LCX is committed to safeguard the fulfilment of all the KYC and AML requirements. It is also important to note that the exchange has increased its nominal capital from 100,000 CHF to 1,000,000 CHF. This has been done in order to apply for other licenses like the Financial Market Authority – FMA. This is the only way the exchange would be able to offer other regulated services and trade security tokens. The new Liechtenstein Act recognizes three main tokens. They include security, payment, and utility. They also plan to offer other security token trading services to their customers.
LCX’s Upcoming Services
With the new license, LCX has plans of providing three main products. One of the key products that this exchange plans to offer is trading platforms for other crypto assets and security platforms. The other one is known as the LCX Vault. This is a special crypto custody service. The third service is known as the LCX Terminal. This service would be able to integrate the APIs of leading exchanges into one trading desk.
The main major exchanges include Poloniex, Coinbase, Bittrex, and Binance, and nor forgetting LCX’s own exchange. The LCX Terminal just recently entered the phase referred to as the closed-beta phase. It is basically a trading desk for the cryptocurrency assets, but it works a bit different. It is also equipped with analytics platform, portfolio management, audit reporting, and auto trading functionality. This explains why its an integration of the leading exchanges.
The Other Great Service
The fourth service was launched to the public in August with Partnership with the Changpeng Zhao-owned Binance. It is a special exchange as compared to others in the market. This is due to the fact that it will offer the trading of Euros and Swiss francs against some of the leading cryptos. According to a representative at LCX, the LCX services can all be offered in a global way. He also pointed out that they would be putting up new standards based on AML and KYC. These must be passed by all LCX clients.