Crypto News –Liquid, a prominent player in the cryptocurrency industry, has unveiled a pioneering solution aimed at enhancing and expediting the Know Your Customer (KYC) verification process. This innovative solution revolves around a cutting-edge facial authentication tool, harnessing the power of AI-based image processing technology.
Binance and Japanese KYC Provider Unite Amidst Heightened Privacy Criticisms
At its core, this tool has been thoughtfully crafted to address the essential requirement of verifying identities by Japan’s local KYC regulations. By leveraging advanced artificial intelligence algorithms, Liquid’s facial authentication tool offers a robust and reliable mechanism for identity verification, ensuring compliance with the stringent regulatory standards in place.
While the importance of biometric data gathering in KYC procedures is undeniable, it has concurrently raised valid concerns regarding individual privacy and data protection. Regulatory bodies across the globe have closely scrutinized the handling and storage of biometric information, citing potential risks to personal privacy.
Amid this landscape, certain initiatives such as Worldcoin have encountered considerable backlash from regulatory entities for their approaches to biometric data collection. These instances underscore the delicate balance that must be maintained between fulfilling regulatory requirements and safeguarding individual privacy rights.
Binance in Japan
Japan has strong regulations regarding compliance and KYC procedures in the country. Local regulators state that cryptocurrency exchanges must use KYC procedures. This entails conducting background checks on its customers.
In November 2022, Binance entered the Japanese market by acquiring a licensed local crypto exchange, SAKURA Exchange BitCoin, Inc. (SEBC).
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