Binance announced a partnership with Amazon Web Services (AWS) to enhance its Know Your Customer (KYC) verification process through generative artificial intelligence.
This new system automates user data entry, validates addresses, and improves screenings against World-Check reviews.
The integration has reportedly led to a 95% recognition rate for user information, an 80% reduction in optical character recognition costs, a 6% increase in proof-of-address approvals across 107 jurisdictions, and a 30% decrease in screening time against the World-Check database.
Binance’s chief technology officer, Rohit Wad, indicated plans to expand the use of AWS technologies in areas like customer service and compliance.
Despite a tough regulatory landscape, founder Changpeng Zhao expressed optimism about improving attitudes toward cryptocurrency regulation in the U.S. He referenced recent comments from former President Trump at the 2024 Bitcoin conference as indicative of a positive trend and noted growing bipartisan support for the crypto sector among lawmakers.
Zhao’s optimism is further supported by the release of Binance executive Tigran Gambaryan from Nigerian custody after seven months. He was initially arrested on charges of money laundering and tax evasion, but the remaining allegations were dropped on October 23.
Ross Ulbricht, the man once behind the Silk Road dark web marketplace, has turned artifacts from his prison years into a multimillion-dollar Bitcoin windfall.
Nvidia’s recent market retreat hasn’t shaken analysts’ confidence in the stock’s long-term potential. Despite a dip to $135.13 at the close of the last session, chart watchers say a powerful setup could send NVDA soaring toward the $200 mark in the coming months.
The team behind Pi Network is diving into the gaming industry with the release of FruityPi, a new application designed to highlight the practical use of its ecosystem tools, including the Pi cryptocurrency, wallet, and ad services.
The FTX Recovery Trust has initiated a new $5 billion round of reimbursements, starting May 30, for creditors who completed the necessary steps.