Blockchain, AI to drive financial access

The Vice President of Product at Binance, Jeff Li, says blockchain, combined with emerging technologies like artificial intelligence (AI), has the potential to significantly improve financial access and transform the daily lives of people. 

Speaking on the first day of a major international conference dubbed, Binance Blockchain Week Dubai 2024, he said; “As an industry leader, Binance is uniquely positioned to unlock this potential and demonstrate its benefits to users. 

We aim to do that by continuing to build industry-first products that are easily understandable and accessible for both new and experienced users, making everyday applications of crypto and Web3 more seamless," Mr Li said.

As he took center stage to share his vision for Binance’s next chapter of innovation, he said his primary focus is on expanding Binance’s product suite to drive mass adoption of crypto and make Web3 more accessible for users worldwide. 

He shared insights into how Binance plans to refine user interfaces, introduce AI-driven features, and collaborate on product upgrades to offer a seamless blend of cutting-edge innovation and everyday usability. 

The chat also covered Binance's exploration of emerging platforms like Telegram mini apps, which have garnered attention for their ease of integration and growing popularity among users.

Crypto compliance

In one of the panel discussions on the topic; Crypto compliance: From the streets to the boardroom offered an insightful look into the evolving regulatory landscape of the crypto industry. 

The conversation began with a global overview of regulatory trends, emphasising how jurisdictions differ in their approaches. 

Panelists agreed that international cooperation is critical for setting consistent standards, though achieving this can be complex due to varying legal frameworks. 

Proactive adaptation and regulatory alignment were also highlighted as necessary strategies for navigating that dynamic environment.

Founder and Chief Scientist, Elliptic, Tom Robinson said; “It’s not just the public and private-sector actors that protect the ecosystem; it’s the community itself. 

You see individual investigators at work, which is unique and made possible by bitcoin’s transparency.” 

Another panelist, Vytautas Fabiano Silva Zumas explored in depth the importance of public-private collaboration in safeguarding the crypto ecosystem. 

Drawing from his experience as a law enforcement officer, he stressed the vital role of compliance teams of private companies in supporting investigations and preventing criminal exploitation. 

Driving momentum

In a related discussion, Co-Founder of Binance, Yi He said “Formula for success: positive thinking, always doing your best, and wanting to create a better world. If you believe it, it will happen. 

Today we have seen concrete use cases of cryptocurrency. If you ask me when Web3 is coming, I’d say this is it, the future has come, that is the moment now.” 

Ms Yi argued that innovation has indeed reshaped people’s lives for the better, adding that there are countries where nearly every family uses Binance – not just for trading, but for earning and sending money domestically and abroad. 

“The future has come,” she declared, urging listeners to embrace the present moment as the dawn of Web3. For Yi, the question isn’t when Web3 will arrive – it’s already here,” she added.