On the Binance (P2P) platform, ML technology is used to identify suspicious language in communications. By using ML in P2P chat, comments, ads, potential payment scams, customer service impersonation, and malicious messages can be detected. This technology has proven effective in preventing thousands of frauds.
For the Know Your Customer (KYC) process, Binance uses a combination of computer vision (CV) and artificial intelligence. These technologies help verify documents and videos submitted by users during the registration process. The application of CV and AI has greatly enhanced the verification process, enabling the detection of fraudulent KYC documents and facial attacks.
In addition to enhancing security, Binance is also exploring creative use of artificial intelligence. An example of this is Bicasso, a feature that takes advantage of advanced AI technology to create user avatars, which can then be converted into non-fungible tokens (NFTs). This demonstrates Binance’s commitment to leveraging AI to develop innovative products.
Binance is improving the infrastructure
Over the past year, the engineering team at Binance has worked hard to improve the platform’s infrastructure and thus make 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 anywhere between 5-50 times faster.
Binance has implemented significant improvements to improve user security, including integrating passkey technology into the Binance ID. This advanced technology provides users with more protection against fraudulent text messages and malicious attacks by making it more difficult for fraudsters to gain unauthorized access to accounts.
Continuing its focus on user-centric developments, Binance has introduced an updated DeFi wallet, providing users with greater flexibility in choosing the crypto wallet that best suits their needs. Leveraging Binance ID and passkey technology, the new DeFi wallet ensures that users do not have to worry about losing their passkey or seed phrase.
Another example of Binance responding to user needs is the introduction of the Binance tax tool. This tool was developed after users expressed a need for a simpler and more straightforward way to access information on their tax returns.
Binance also understands the value of continuous improvements to the core trading experience. Over the course of the year, they have introduced nearly 200 updates to improve trading accessibility and provide users with essential information. These updates include features such as the ability to reverse positions, access to annual profit and loss analysis, displaying multiple currencies simultaneously on charts, and additional shortcut buttons for easier navigation, such as adjusting leverage, stopping PnL, closing position, closing market, and reverse.
