Binance recently announced a collaboration with Amazon Web Services (AWS) to utilize Amazon's artificial intelligence for improving the Know Your Customer (KYC) verification process on the Binance platform. The new AI-powered KYC system automates user information filling, conducts proof-of-address checks, and enhances screening against World-Check reviews. This integration has significantly boosted user data recognition rates to 95%, reduced optical character recognition costs by 80%, increased proof-of-address approval rates in 107 jurisdictions by 6%, and cut down the time spent on World-Check KYC database screening by 30%. Binance's CTO, Rohit Wad, hinted at further utilization of AWS AI technologies for customer service, compliance, and risk management. Despite regulatory challenges, Binance remains committed to compliance, with founder Changpeng Zhao expressing optimism about evolving crypto regulations, especially in the US. Zhao highlighted positive remarks from former President Donald Trump and growing bipartisan support for crypto among US lawmakers as indicators of a favorable regulatory shift. Read more AI-generated news on: https://app.chaingpt.org/news