Binance Is Building For The Future Crypto User, Celebrates Over 200 Updates in 2023
For the past six years, Binance has provided users with a one-stop shop for anything crypto, providing an ecosystem of tools and information that ease the journey of a crypto user. This year has been no different, with the exchange bringing about over 200 new updates and features to the platform, including the first crypto tax assistant – Binance Tax Tool, a ChatGPT-like tool providing crypto information – Binance Sensei, and a range of wallets and payment options with Binance DeFi Wallet, Binance Pay, Binance Card and Binance Gift Card.
Nonetheless, the prominent crypto exchange also faced massive challenges earlier in the year as the US Securities and Exchanges Commission (SEC) charged the exchange for offering “unregistered securities” to US residents. The lawsuit is currently ongoing, but the exchange reached an agreement with the regulator to avoid a full asset freeze of the platform in the US and keep customer assets in the United States as the lawsuit proceeds.
The recent regulatory troubles have, however, hampered no development on the platform as the team continues to build “a robust, safe, secure platform” that “enhances trading and makes investing [in crypto] as easy as possible”, a letter from Binance reads.
“No matter what is happening in the world, one thing we never stop doing is building for our community and the industry,” the letter further states.
The exchange focuses on building features to enhance user experience, improve the core tools and add even more new tools that help to make trading, staking, earning and keeping up to date with the latest crypto updates easier than before. Over the past year, Binance has also introduced several updates and developments following their community responses, giving the users an opportunity to contribute to the development of the platform.
AI & ML: Building a futuristic crypto exchange
The exchange is drifting towards futuristic technology, a shift since its launch as a simple web page allowing users to buy and sell Bitcoin. Now more than ever, Binance development teams are working on enhancing the functionality of the exchange by making transactions faster, creating a more frictionless experience, and introducing new technologies such as machine learning (ML) and artificial intelligence (AI).
By leveraging innovations such as ML and AI, Binance could enhance the security of users’ funds, enhance KYC data collection, and introduce new features to enhance the crypto ecosystem. For instance, on Binance P2P (peer-to-peer) exchange, machine learning helps the exchange better detect the suspicious language in communications. Introducing ML helps enhance security on the platform by detecting potential payment scams, impersonation of customer service agents and intimidating messaging that could be for malicious activity.
Additionally, the exchange combines the power of computer vision (CV) and AI to speed up the waiting time for KYC verification. Moreover, AI can help the exchange detect any malicious or forged documents and facial attacks more easily, minimizing the chances of money laundering through the exchange.
Binance also introduced an AI-powered ChatGPT-like tool, Binance Sensei, to its Academy platform. Binance Sensei is seamlessly integrated into Binance Academy to help users access the wealth of knowledge available on Binance Academy in a more intuitive manner. The exchange also has been exploring other ways to leverage the power of AI creatively. The launch of Bicasso, a feature that leverages AI to generate avatars, allows users to generate NFTs from their avatars.
Finally, the exchange enhanced its trading systems over the past year, making things faster and more efficient for Binance users. One such development is the Futures trading upgrade that aims to increase the trading capacity by 50% to increase our transaction throughput and accommodate more traders and assets traded.
Customer Feedback: Building an exchange for the user
Over the past few months, Binance has introduced several developments and upgrades in line with customer feedback and responses from its community. The company revels in listening to the customer and using the feedback to build new upgrades to the exchange.
Recently, the exchange improved its Binance ID, adding integrating passkey technology, making it harder for SMS scammers to gain access to accounts. Following multiple customer feedbacks, Binance introduced its DeFi wallet, allowing more people to join the DeFi space and easily transact without needing an intermediary. The DeFi wallet removes the risks involved with storing your passkey phrase. Using Binance ID and passkey technology, the DeFi wallet users need not worry about losing their passkey or seed phrase ever again.
Additionally, the exchange also introduced smaller upgrades to the platform, allowing users to customize their experience. Some of the user-driven updates include creating a special mode for visually impaired community members to choose and customize different colour options on the trading charts.
Following years of complaints about the difficulty of filing crypto taxes, Binance users finally have a tax assistant that can estimate all their liable taxes. Binance Tax Tool, launched in April this year, provides users with an easier and clearer way to access tax return information. The platform launched in Canada and France, with more countries set to be added in the coming year.
Finally, since the start of the year, the exchange’s development team has been working round the clock to introduce over 200 updates to the platform. Some of the updates introduced include the introduction of being able to reverse positions or see your yearly profit & loss analysis or more chart options to view the same or different currencies at the same time, and more shortcut buttons to make things easier, including Adjust Leverage, Stop PnL, Close Position, Market Close, and Reverse.
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