Binance disclosed a partnership with Amazon Web Services (AWS) on October 31. The partnership aims to optimize KYC verification process and manage service requests.
The new KYC system, as stated in the announcement, automates the completion of user information, conducts proof-of-address checks, and enhances the efficiency of screening against World-Check evaluations.
Binance claims that the new AI integration has resulted in a 95% increase in user data recognition rates, an 80% reduction in optical character recognition costs, a 6% increase in proof-of-address approval rates across 107 jurisdictions, and a 30% reduction in the time spent screening against the World-Check KYC database.
Rohit Wad, the chief technology officer of Binance, suggested that the exchange may also increase its utilization of Amazon’s web services in the future.
Wad declared, “We intend to broaden our utilization of AWS’ cloud services and generative AI technologies in a variety of sectors, such as risk management, compliance, and customer service.”
Binance Founder perceives transition in regulatory environment
In the face of a regulatory environment that is increasingly antagonistic, the world’s largest exchange is implementing additional compliance measures.
Nevertheless, Changpeng Zhao, the founder of Binance, is of the opinion that the regulatory environment surrounding cryptocurrency is evolving favorably, particularly in the United States.
Zhao, who resigned as CEO in November of last year, declared that cryptocurrency regulations are “moving in a very positive direction.” He attributed his optimism regarding the future of crypto to the recent remarks made by former President Donald Trump at the 2024 Bitcoin conference in Nashville, Tennessee.
Zhao also identified the increasing bipartisan support for cryptocurrency among US legislators as an additional reason for optimism.
The recent decision by Nigerian authorities to release Binance executive Tigran Gambaryan from custody after approximately seven months is also indicative of this regulatory shift.
The executive of Binance was unexpectedly apprehended by Nigerian officials in February 2024 and accused of violating money laundering laws and facilitating tax evasion.
In June 2024, the country’s prosecutors began to dismiss certain charges against Gambaryan. The remaining money laundering allegations against him were dismissed on October 23.