Cryptocurrency Many of the users who trade in the markets are afraid of their accounts being hacked and being a victim of fraudulent events.
The fact that the funds are not easy to follow and the risk of not finding a contact in the future requires investors to be very careful in their transactions in this area.
In this respect BinanceA new announcement has been made. The exchange announced that it has increased its crypto insurance fund, which it established in July 2018, to $1 billion with two new funds, BNB and BTC. The fund in question is a fund that is kept ready for emergencies such as the hacking of Binance.
“Funds SAFU”
The following statements were included in the statement:
“Binance is announcing that it has updated its Secure Asset Fund (SAFU) for Users with a valuation of $1 billion.
Users can view their Secure Asset Fund wallet at wallet address 1 and wallet address 2.
Binance is calling on all centralized exchanges to publish insurance fund wallet addresses as it will benefit the entire ecosystem and demonstrate our collective commitment to governments, regulators and key stakeholders to maintain trust, integrity and transparency in the crypto ecosystem.
SAFU is an emergency insurance fund founded by Binance in July 2018 to protect the interests of users.
When the fund was established, Binance began allocating 10% of all trading fees to raise it to a large extent to protect the interests of users.
Going forward, Binance will continue to monitor SAFU’s size to ensure the fund size remains sufficient to protect users’ interests.
Note: $1 Billion is based on opening prices 2022-01-29.
Cryptocurrency trading is subject to high market risk. Please do your transactions carefully. You are advised that Binance is not responsible for your trading losses.”