Binance raises SAFU to $1 billion

Cryptocurrency exchange Binance announced that its assets in the Secure Asset Fund for Users (SAFU) have grown to $1 billion, a fund designed to protect users’ assets in emergencies.

#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

According to published information, the SAFU balance includes 1 036 269 BNB, 300 million BUSD and 7952 BTC. The company stressed that the total dollar amount is the value as of the fund’s opening date, January 29, 2022.

“Binance urges all centralized exchanges to publish the wallet addresses of their insurance funds, as this would benefit 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 the fund’s creation in July 2018 after unusual trades with API keys were recorded on the platform. At that time Binance pledged to allocate 10% of the fees it collects to it.

In October 2021, Binance announced the launch of a $1 billion fund to develop and support the Binance Smart Chain ecosystem.

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