Binance is using top technologies like machine learning and AI to enhance customer safety and security on the platform.
This month, crypto exchange Binance has gone through a lot of regulatory turbulence after facing major lawsuits from the US Securities and Exchange Commission. The SEC action has also led to Binance losing some market share in June.
However, these regulatory hurdles haven’t deterred Binance from making further progress with future goals in mind. As per the latest press release shared with Coinspeaker, Binance is implementing machine learning and AI to make the platform safer and more secure.
In Binance’s peer-to-peer (P2P) platform, ML technology is employed to identify suspicious language in communications. By utilizing ML in P2P chat, feedback, and advertisements, potential payment scams, customer service impersonation, and malicious messaging can be detected. This technology has proven effective in preventing thousands of scams.
For the know-your-customer (KYC) process, Binance utilizes a combination of computer vision (CV) and AI. These technologies aid in verifying documents and videos submitted by users during the registration process. The implementation of CV and AI has significantly strengthened the verification process, enabling the detection of forged KYC documents and facial attacks.
In addition to enhancing security, Binance explores the creative use of AI. An example is Bicasso, a feature that leverages advanced AI technology to generate user avatars, which can then be transformed into non-fungible tokens (NFTs). This demonstrates Binance’s commitment to leveraging AI for innovative product development.
Binance Is Improving Infrastructure
Over the last year, Binance’s engineering team has been working hard to improve the platform’s infrastructure thereby making it more faster and efficient for users. Binance has also upgraded its futures matching engine and thus increasing the capacity by 50%.
With some improvements to its Ledger, Binance claims that it has made transactions anywhere between 5-50 times faster.
Binance has implemented significant improvements to enhance user security, including the integration of passkey technology into Binance ID. This advanced technology provides users with increased protection against SMS scams and malicious attacks by making it more difficult for scammers to gain unauthorized access to accounts.
Continuing their focus on user-centric developments, Binance has introduced an updated DeFi wallet, offering users greater flexibility in choosing the crypto wallet that suits their needs. Leveraging Binance ID and passkey technology, the new DeFi wallet ensures that users never have to worry about losing their passkey or seed phrase.
Another example of Binance’s responsiveness to user needs is the introduction of the Binance Tax tool. This tool was developed after users expressed the need for a simplified and clearer method to access information for their tax returns.
Binance also understands the value of continuous improvements to the core trading experience. Throughout the year, they have introduced nearly 200 updates to enhance trading accessibility and provide users with essential information. These updates include features like the ability to reverse positions, access yearly profit and loss analysis, view multiple currencies simultaneously on charts, and additional shortcut buttons for easier navigation, such as Adjust Leverage, Stop PnL, Close Position, Market Close, and Reverse.