Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, said that after the recent events, they brought the stock market’s security fund back to the level of 1 billion dollars to prevent possible crises.
With the decline in the crypto money market, Binance has created for users. 1 billion dollars Secure Asset Fund (SAFU) in lost value. In order to relieve users who are worried about the balance sheet problems and the ensuing destruction of the crypto money exchange FTX, CZ has re-funded this fund. to the level of 1 billion dollars announced their delivery.
Binance CEO CZ said in a statement, they have it in their hands for a possible moment of crisis. 1 billion dollars He stated that they have the insurance fund and that the assets of the investors are safe.
Insurance fund created by Binance BUSD (Binance USD), Binance coin (BNB) and bitcoin (BTC) contains. In the insurance fund 700 million dollars Besides BUSD and BNB 300 million dollars worth of Bitcoin.
According to data from The Block, Binance is looking to move the depleted fund back to the $1 billion position. 194,500 BNB ($62 million) and 8,325 Bitcoins ($153 million) in total, including $215 million added liquidity.
Reserved to protect against price fluctuations and to provide liquidity in times of crisis. this fund of the stock market independent of cold wallets or user assets is kept as a resource. The said insurance fund trading fees continues to be fed with a certain percentage. The value of the fund moves flexibly according to the market conditions.