Crypto Exchange Binance Raises Its SAFU Fund To $1B Amid Price Swings
Recently, the crypto market has gotten into a tight tunnel as prices keep decreasing. Most crypto assets are moving to the south with little or no break. The bears are becoming too intense, and tension keeps increasing in the market. The fluctuations have triggered the leading crypto exchange Binance, to pursue sustainability. This new action came after the exchange announced its intent to acquire the FTX to ease its liquidity issues. Related Reading: These Solana Numbers May Scare Off SOL Investors – Here’s Why The CEO of Binance, Changpeng Zhao (CZ), has actively noted the events in the....
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Binance has announced one of its trademark features, the SAFU fund, has reached a milestone in its development. The SAFU fund, an acronym that stands for “Secure Asset Fund for Users,” has reached the amount of one billion dollars, securing the funds of users in case of a hacking emergency. The exchange, which is one of the pioneers in the establishment of such structures, invited other exchanges to also take similar measures.
SAFU Reaches $1B, Transparency Highlighted
Binance, the leading exchange in volume traded, has announced a milestone regarding its SAFU fund.....
Binance CEO CZ took to Twitter to assure users that the crypto exchange's insurance funds have been topped off at $1 billion as the debacle with FTX rages on. As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.”To adjust to recent price fluctuations, #Binance has topped up the #SAFU....
Binance started the Secure Asset Fund for Users (SAFU) in 2018 by allocating 10% of the trading fee. Binance, the world’s leading crypto exchange by trading volume, announced its Secure Asset Fund for Users (SAFU) reached a $1 billion valuation.The user protection insurance fund was set up in July 2018 to protect users’ interests. Binance committed a portion of the trading fee towards SAFU and began allocating 10% towards the funds. The crypto exchange also revealed the two wallet addresses where the funds are being held in order to ensure transparency. The two wallets contain a....
Considering the risk of possible exploit in the network, the giant exchange Binance introduces Security Asset Funds for Users (SAFU) valued at $1 billion. The emergency insurance fund is comprised of BTC, BUSD, and BNB that secures exchange users’ interests and aims to back victim users in a possible theft. The SAFU funds are gathered, […]
The exchange cited technical issues as the reasons for halting withdrawals across multiple networks earlier this morning. Cryptocurrency exchange Binance announced a temporary freeze on withdrawals on Wednesday morning. The suspension took place across multiple networks as a result of a technical issue by a third-party provider, according to Binance. In a tweet, the exchange said the incident took place around 7:00 am UTC and was resolved by the team within an hour. Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a....