On October 31, 2024, Binance announced a partnership with Amazon Web Services (AWS) to enhance its Know Your Customer (KYC) verification process using generative artificial intelligence. This new system reportedly achieves a 95% user data recognition rate and reduces optical character recognition costs by 80%. Additionally, it improves proof-of-address approval rates by 6% across 107 jurisdictions and decreases World-Check KYC screening time by 30%.
Rohit Wad, Binance's CTO, indicated plans to further utilize AWS technologies in customer service, compliance, and risk management.
In a related development, Binance founder Changpeng Zhao expressed optimism about a shifting regulatory climate for cryptocurrencies, particularly in the U.S. He noted growing bipartisan support among lawmakers and referenced recent comments by former President Donald Trump at the 2024 Bitcoin conference.
Furthermore, Zhao highlighted the release of Binance executive Tigran Gambaryan from Nigerian custody after seven months, following the dropping of money laundering charges against him on October 23, 2024.