On Oct. 31, Binance announced a collaboration with Amazon Web Services (AWS) to enhance its Know Your Customer (KYC) verification and handle service requests more effectively through Amazon’s generative artificial intelligence. According to the announcement, the new KYC system will now automatically complete user information fields, perform proof-of-address checks, and streamline screening against World-Check reviews. Binance claims the AI integration has boosted recognition rates for user data to 95%, cut costs for optical character recognition by 80%, raised proof-of-address approval rates across 107 jurisdictions by 6%, and shortened the time spent screening against the World-Check database by 30%. Binance’s Chief
