Binance’s Secure Asset Fund for Users (SAFU), which was worth $1 billion in January this year, now amounts to $735 million due to the deteriorating market.&
The world’s biggest crypto exchange by trading volume wrote on its website that it had topped the SAFU balance back to $1 billion.&
Fund aims to protect users in extreme situations&
The exchange promised its users that SAFU would always maintain a sizable level. The emergency insurance fund was established in 2018 to protect users in difficult situations.&
They have monitored SAFU’s size over the years, keeping the balance at a level adequate enough to safeguard our users.
Components: transparency, integrity, trust&
Apart from protecting users’ interests, the fund ensures transparency, trust, and integrity. As retail investors and traders put a great deal of trust in centralized crypto exchanges, Binance has called upon them to post their insurance wallet addresses publicly.&
Users of crypto exchanges have the right to know whether the platform they are transferring their hard-earned funds to utilizes sufficient safety measures and is fully transparent with their funds.
Financial responsibility is guaranteed&
Binance assures users who deposit funds on the platform that it is financially responsible for them. The exchange does not act as a hedge fund or an investment firm. They wrote on their site: &
It’s our collective responsibility to make sure the crypto ecosystem is comfortable for users. Solid cybersecurity measures are just one element of the equation; the other element is a safety net that can bring damage down to a minimum in the event of an emergency. SAFU will always be a critical component of our responsibility to the ecosystem in the future. Binance will keep evolving to meet market conditions head-on.
The post Binance tops up emergency fund to $1b appeared first on CoinJournal.
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