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The rise of artificial intelligence (AI) has been subject to growing concerns over identity verification tools on cryptocurrency exchanges.

With rapidly evolving AI technology, the process of creating deepfake proofs of identity is becoming easier than ever. The concerns about AI-enabled risks in crypto have triggered some prominent industry executives to speak out on the matter.

Changpeng Zhao, CEO and founder of major global crypto exchange Binance, took to X (formerly Twitter) on Aug. 9 to raise the alarm on the use of AI in crypto by bad actors.

“This is pretty scary from a video verification perspective. Don’t send people coins even if they send you a video,” Zhao wrote.

Like many other crypto exchanges, Binance’s internal Know Your Customer (KYC) processes require crypto investors to submit video evidence for processing certain transactions. 

Binance requires video evidence of the user for certain withdrawal of funds. Source: Binance

Binance CEO referred to an AI-generated video featuring HeyGen co-founder and CEO Joshua Xu. The video specifically included Xu’s AI-generated avatar, which looks just like the real HeyGen CEO and reproduces his facial expressions as well as voice and speech patterns.

“Both of these video clips were 100% AI-generated, featuring my own avatar and voice clone,” Xu noted. He added that HeyGen has been progressing with some massive enhancements to its life-style avatar’s video quality and voice technology to mimic his unique accent and speech patterns.

“This will be soon deployed to production and everyone can try it out,” Xu added.

Once available to the public, the AI tool will allow anyone to create a real life-like digital avatar in just “two minutes,” the HeyGen CEO said.

The public exposure to AI generation tools like HeyGen could potentially cause serious identity verification issues for cryptocurrency exchanges like Binance. Like many other exchanges, Binance practices KYC measures involving a requirement to send a video featuring the user and certain documents to get access to services or even to withdraw funds from the platform.

Related: AI mentions skyrocket in major tech companies’ Q2 calls

Binance’s statement video specifically requires users to submit the video along with the picture of their identity document, such  an ID card, driver’s license or passport. The policy requires users to mention the date and certain requests on the video record.

“Please do not put watermarks on your videos and do not edit your videos,” the policy reads.

Binance chief security officer Jimmy Su previously warned about AI deepfake-associated risks as well. In late May, Su argued that AI tech is getting so advanced that AI deepfakes may soon become undetectable by a human verifier.

Binance and HeyGen did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.

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FBOT registry won’t bring offshore crypto exchanges to the US — Attorney

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<div>FBOT registry won't bring offshore crypto exchanges to the US — Attorney</div>

<div>FBOT registry won't bring offshore crypto exchanges to the US — Attorney</div>

The Foreign Board of Trade (FBOT) framework is designed for the legacy financial system and is a poor fit for cryptocurrency exchanges.

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‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

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‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

A crypto developer says Trump-linked crypto project WLFI froze his tokens and refused to unlock them, calling it “the new age mafia.”

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Farage confirms he wants to deport women asylum seekers back to Taliban in Afghanistan

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Farage confirms he wants to deport women asylum seekers back to Taliban in Afghanistan

Nigel Farage has confirmed he wants to deport women asylum seekers back to the Taliban in Afghanistan if he becomes prime minister.

The Reform UK leader’s position on the topic has not been clear, with him previously saying he would send women back to the fundamentalist regime that took over after western militaries withdrew, before now saying he would.

Mr Farage was speaking to Sky News’ political editor Beth Rigby at the Reform UK party conference in Birmingham.

Politics live: Govt responds to Farage wanting early election

When asked if he would “detain” women and children and “send them back”, the Clacton MP said “yes”.

Challenged on when he said in August that he was not “discussing” women and children, Mr Farage claimed this was a reference to his desire to seeing men detained on arrival in the UK.

At the time he said he was “very, very clear” on the “deportation of illegal immigrants”, adding: “We are not even discussing women and children at this stage – there are so many illegal males in Britain, and the news reports that said that after my conference yesterday were wrong”

More on Migrant Crossings

Speaking today, Mr Farage claimed that the UK has a “duty of care” if a four-year-old arrives in a dinghy, for example – but not so for women and men.

“For clarity, those that cross the English Channel will be detained and deported, men and women,” Mr Farage went on.

“Children, we’ll have to think about.”

The Reform leader also rowed back on his pledge to stop all boats within two weeks if he is elected prime minister.

Speaking to the conference yesterday, Mr Farage said: “You cannot come here illegally and stay – we will stop the boats within two weeks of winning government.”

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Watch Farage face questions on his tax affairs

But speaking to Beth Rigby today, he changed tack – saying “the passing of legislation” would be required.

He said the boats would then be stopped within two weeks, or sooner.

In the interview with Rigby, Mr Farage tried to claim he did not say he would end the boats within two weeks of “winning government”.

But the video of his speech, as well as the transcript released by Reform UK, clearly show him saying: “We will stop the boats within two weeks of winning government.”

When asked why he wouldn’t be able to stop the boats within two weeks of winning government, Mr Farage said it was impossible and “no one” can prevent them crossing the Channel.

The Reform UK leader said the law he wants to introduce will be called the Illegal Migration Act once it is passed by parliament.

He confirmed his agenda includes leaving the European Convention on Human Rights, shutting down asylum hotels and housing people at RAF bases instead, as well as deporting Channel migrants.

Mr Farage also claimed that deportation flights would also begin within two weeks of the law changing, and this combination of factors would stop people from wanting to travel from France.

This strategy all depends on Reform UK winning the next general election – which Labour does not have to call until 2029.

However, Mr Farage says he believes the government will collapse in 2027 due to economic pressure and other factors.

Reform are currently well clear of Labour and the Conservatives in the polling, and are targeting next year’s Welsh, Scottish and English local election to try and win more power in councils and national assemblies.

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