The Binance crypto exchange team announced the expansion of the Secure Asset Fund for Users (SAFU) to $1 billion. Its functional purpose is to protect user funds in emergency cases.
#Binance has updated its Secure Asset Fund for users valued at $1BN.
Established by #Binance in July 2018, the SAFU is an emergency insurance fund that was set up to protect users’ interests.https://t.co/Ijdcz9Lo1k
— Binance (@binance) January 31, 2022
Based on the information of the company, on the balance of SAFU placed 1,036,269 BNB, 300 million BUSD and 7952 BTC. The team explained that the cumulative dollar amount is at the time of opening on January 29, 2022.
“Binance encourages all centralized exchanges to publish their insurance fund wallet addresses as this will help the entire ecosystem and demonstrate to authorities, regulators and stakeholders our collective commitment to maintaining trust, integrity and transparency in the crypto ecosystem,” the statement said.
The exchange announced its intention to create a fund in July 2018 after unusual transactions recorded on the site using API keys. At that time, Binance undertook to deduct 10% of the collected commissions into it.
We also wrote that in October 2021, Binance reported on the launch of a $1 billion fund to develop and support the Binance Smart Chain ecosystem.
