In Binance’s peer-to-peer (P2P) platform, ML technology is used to identify suspicious language in communications. By using ML in P2P chats, feedback and advertisements, potential payment scams, customer service impersonation and malicious messaging can be detected. This technique has proven effective in stopping thousands of scams.
For the Know Your Customer (KYC) process, Binance uses a combination of Computer Vision (CV) and AI. These technologies help verify the documents and videos submitted by users during the registration process. The implementation of CV and AI has significantly strengthened the verification process, making it possible to detect forged KYC documents and face attacks.
In addition to enhancing security, Binance explores creative uses of AI. One example is Bikaso, a feature that leverages advanced AI technology to generate user avatars, which can then be converted into non-fungible tokens (nft, This reflects Binance’s commitment to leveraging AI for innovative product development.
Binance is improving infrastructure
Over the past year, Binance’s engineering team has been working hard to improve the platform’s infrastructure, making it faster and more efficient for users. Binance has also upgraded its futures matching engine thus increasing capacity by 50%.
With some improvements to its ledger, Binance claims to have made transactions 5-50x 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 enhanced protection against SMS scams and malicious attacks, making it more difficult for scammers to gain unauthorized access to accounts.
Binance rolls out an update, continuing its focus on user-centric development DeFi The wallet provides users with greater flexibility in choosing a crypto wallet to suit their needs. Leveraging Binance ID and Passkey technology, the new DeFi wallet ensures users never have to worry about losing their passkey or seed phrase.
Another example of Binance’s response to user needs is the introduction of the Binance Tax Tool. The tool was developed after users expressed a need for a simple and clear method to access information for their tax returns.
Binance also understands the value of continuously improving the core trading experience. Throughout the years, they have introduced around 200 updates to enhance trading accessibility and provide users with the necessary information. These updates include features such as the ability to reverse positions, access to yearly profit and loss analysis, view multiple currencies on the chart at once and additional shortcut buttons for easier navigation such as Adjust Leverage, Stop PNL, Close Positions, Market Close and Reverse .
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