Binance will add another stamp to its passport book, having joined forces with Liechtenstein Cryptoassets Exchange (LCX) to build a new fiat-to-cryptocurrency exchange in the European nation. The new Liechtenstein-based exchange, dubbed Binance LCX, will support trading between the euro, Swiss franc and “major” cryptocurrency pairs, according to a press release. Binance, which operates the world’s second-largest crypto exchange by daily volume, will oversee the back-end creation and operation of the platform. Meanwhile, the Binance LCX team will handle all logistical and regulatory components including compliance, KYC, customer support and liaison with the government. According to Binance CEO Changpeng Zhao, the joint venture may break ground in the rapidly evolving field that is blockchain regulation: “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.”
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