World's largest crypto exchange Binance announced that its insurance fund for users, often abbreviated as SAFU, has now allocated a total of $1B.
With Binance being the crypto industry leader in terms of integrity and user safety, the exchange has ensured that the emergency fund of $1 billion will be used to "safeguard" users, and protect them from any unforeseen circumstances.
According to Binance CEO Changpeng Zhao, he always ensured that funds kept on his crypto exchange are safe, stating:
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"…today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues. Coupled with our state-of-the-art security, we are confident that our user's interests are well-protected."
In 2018, SAFU was established in order to protect customer assets from any potential breaches, with 10% of all fees from all transactions going straight to the fund. The total value of the fund was estimated on January 29th, 2022, so the overall price may change due to market fluctuations.
In fact, Binance even posted their insurance fund wallet addresses and encouraged other crypto exchanges to do exactly the same.
According to Binance’s CEO Changpeng Zhao, such actions are needed to build trust amongst the community, and it will benefit "the entire ecosystem and demonstrate to governments, regulators, and important stakeholders our collective commitment to uphold trust, integrity, and transparency in the crypto ecosystem."
