Over the past six years, Binance has grown into a household name, becoming the largest crypto exchange in trade volume – transacting billions of dollars worth of crypto daily. Nonetheless, the exchange has faced a torrid six months since the turn of the year, with the exchange facing regulatory pressure from various jurisdictions, including the United States and Denmark, recently.
The regulatory troubles, however, have not slowed the development of the platform one bit. In the past year, the Binance development team has launched over 200 upgrades to improve the trading experience, introduced hundreds of new tokens through its Innovation Zone, and integrated futuristic technologies to enhance security and provide a more seamless and frictionless exchange.
In a letter penned to its customers this July, Binance stated its mission as “building an ecosystem of tools and information for anything you need in crypto”, and so far, the exchange is beating expectations in all areas. From providing users with educational content from Binance Academy and Binance Research to building a whole NFT marketplace with Binance NFT to offering a range of wallets and ways to pay with Binance DeFi Wallet, Binance Pay, Binance Card and Binance Gift Card, the exchange is building for the future.
Notwithstanding, the exchange also introduced several updates based on real customer issues and feedback in the past year, aligning with its goal to make products for its community.
A safer and secure exchange with new technologies
Binance has always worked to secure its clients’ funds and promote a safer transaction channel within the crypto ecosystem. Over the years, the exchange has introduced new technologies that make trading, staking, earning and getting information simpler than before. In the same breath, Binance is exploring new technologies to keep users “SAFU” – artificial intelligence (AI) and machine learning (ML) being the latest to be integrated into the exchange.
The exchange uses advanced machine learning to help the team detect suspicious language in communications on its peer-to-peer (P2P) exchange. Additionally, Binance leverages AI and ML technology to help detect potential payment scams, impersonation of customer service agents and other cases of malicious activity on its P2P chat, P2P feedback and P2P advertisements.
Notwithstanding, Binance introduced computer vision (CV) and AI to improve its customer screening during the KYC process. AI and CV verify documents and videos when Binance users register with Binance. This technology has reduced the number of forged documents, hence reducing cases of money laundering on the platform.
As well as bolstering security, Binance creatively leverages AI to help build new exciting and engaging features for its clients. In April, Binance launched its Chat GPT-like platform, Binance Sensei, allowing users to enhance their crypto knowledge by prompting the tool using text or voice commands. In addition, Binance also launched Bicasso, an AI-powered tool that generates your avatar, which can be minted to NFTs.
Customer-driven upgrades on Binance
As alluded to, Binance gives its users an opportunity to contribute to the project’s development. Over the past year, the exchange has improved its features based on customer feedback, including Binance ID, integration of its DeFi Wallet, and building a faster, more efficient futures trading engine.
Binance ID integrated the passkey technology to add a layer of security to users’ funds and accounts and protect them from potential scams and malicious activity. The passkey works on all devices and does not require a password, just other login systems such as Facial recognition or fingerprint.
Following the improvements on Binance ID, the team also introduced a new upgraded DeFi wallet that integrates Binance ID and paskey technology, removing the complexity surrounding DeFi wallets by removing the need for a passphrase or seed phrases entirely.
The exchange’s engineering team improved the Futures trading matching engine to make trading faster and more efficient for their users. The upgrades saw the engine’s capacity increase by 50%, increasing the transaction throughput, which allows more traders and bigger trade orders to be placed on the exchange.
Finally, Binance oversees the continuous development of its platform – whether a small tweak or a big upgrade – to ensure it offers the best trading experience for the user. Since the start of the year, Binance has launched nearly 200 new updates to make it easier to trade and access all the info a user needs on Binance.
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