Leading cryptocurrency exchange Binance has announced that its “Secure Asset Fund for Users (SAFU)” to protect the interests of users has reached one billion dollars. In his statements during the day, Changpeng Zhao (CZ) also shared that they published the insurance fund wallet addresses for the “trust” element. cryptocoin.com We convey the details as…
$1 billion Binance security fund for users
The Secure Asset Fund for Users (SAFU) is an emergency insurance fund established by Binance in July 2018 to protect users’ interests. When the fund was established, Binance committed a percentage of the trading fees to protect the interests of users. Binance Founder and CEO Changpeng Zhao shared the following on the subject:
At Binance we always said ‘funds are safe’ and today the Binance Secure Asset Fund size serves as an effective safeguard as well as protecting users against such potential problems. Thanks to our state-of-the-art security, we are confident that the interests of our users are well protected.
When the Secure Asset Fund for Users was first set up in 2018, Binance began allocating 10% of all trading fees to insure against potential security breaches. Going forward, Binance will continue to monitor the size of SAFU to ensure the fund size remains sufficient to protect users’ interests. The value of the Secured Asset Fund was set at $1 billion, based on its opening price on January 29, 2022. The value of the fund will fluctuate according to the market. The fund is viewable on two wallet addresses and consists of BNB, BUSD and BTC. Stating that transparency is an important element of building “trust”, CZ added:
Transparency is an essential element in building trust, which is why we publish our insurance fund wallet address. We call on all centralized exchanges to do the same that will benefit the entire ecosystem and demonstrate to governments, regulators and key people. Stakeholders are our collective commitment to maintaining trust, integrity and transparency in the crypto ecosystem.
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