30s Summary

Binance has partnered with Amazon Web Services (AWS) to enhance their Know Your Customer (KYC) verification and service request processes using AI technology. The new system automatically inputs user data, performs address checks, and screens against World-Check reviews more efficiently. These changes have resulted in a 95% recognition rate for user data, cut optical character recognition costs by 80%, increased proof-of-address approval rates 6%, and reduced the time needed to screen the KYC database by 30%. Binance plans to further utilize AWS’ AI tech and cloud services in other areas such as customer service and risk management.

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So, here’s the big news – On October 31st, Binance, one of the top-notch crypto exchanges, teamed up with Amazon Web Services (in short, AWS). Why, you might ask? They’re going to use Amazon’s cool AI technology to boost up their Know Your Customer (often abbreviated to KYC) verification process and deal with service requests on the Binance platform.

Just to give you the lowdown of what’s happening – The revamped KYC system now automatically pops in user information, performs address checks, and speeds up the whole off-putting chore of screening against World-Check reviews.

Results are already showing. Binance asserts that their new AI integration has bumped up their recognition rates for user data to a whopping 95%. And that’s not all – It’s managed to slash optical character recognition costs by 80%, increase proof-of-address approval rates across 107 jurisdictions by 6%, and lessen the time required to screen against the World-Check KYC database by an impressive 30%.

Do you think that’s all they’re going to do with Amazon’s fancy web services? Nope. Rohit Wad, who heads technology at Binance, hinted at more to come. They’re looking at broadening their use of AWS’ generative AI tech and cloud services across different areas, like customer service, compliance, and risk management. Stay tuned for more updates on that!

On another note, Binance’s founder, Changpeng Zhao, is sensing a shift for the better in the overarching sentiment towards crypto – particularly in the U.S. That’s great news for all of us crypto enthusiasts.

Zhao, who stepped down as Binance CEO not too long ago in November, quoted former President Donald Trump’s recently expressed positive vibes towards Bitcoin and the budding bipartisan support for crypto among US lawmakers to underline his optimism.

Further proof of this shift came when Nigerian authorities released Binance executive Tigran Gambaryan who was under custody for quite a while, approximately seven months, on money laundering charges. He has now been freed, with all charges dropped as of October 23rd.

Cryptocurrency regulations, people, are headed in our direction. And forward we go!

Source: Cointelegraph