Laissez Faire (LZF) offers a new digital currency to Fiat exchange platform run by professionals. It aims to provide a secure trading environment working within the US legal standards.
LZF becomes the first digital currency exchange to legally launch its services across 49 states by complying with the financial regulations of each state. The exchange decided to stay out of New York as a way of protesting against the BitLicence regulations proposal. LZF has been trying to comply with all the demanded licenses and regulations of all states except New York, where the BitLicense is seen as a burden and an impediment to innovation.
LZF will be annually investing around $30,000 to maintain their fiat markets and to keep the platform in full compliance with U.S. financial regulations:
“With the deal we signed, we’ll likely only spend around $30,000/year to maintain our fiat markets. Despite what we’ve accomplished, from an investment standpoint LZF has been exceedingly efficient and has operated very frugally since its beginning. ”
LZF supports 30 banks but by manually verifying and confirming two small deposits, users could add non-supported banks to the platform. The company uses the local and international banking partners