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Binances Secure Asset Fund for Users (SAFU), which was $1 billion in January this year, is now at $735 million due to market deterioration.
The world’s largest cryptocurrency exchange by trading volume I have written The company’s website revealed that SAFU’s balance is back at $1 billion.
The exchange has promised users that SAFU will always remain at a respectable level. The Emergency Insurance Fund was established in 2018 to protect users in difficult situations.
They’ve been monitoring SAFU sizes over the years, and they’re balanced to a level that’s high enough to protect users.
Apart from protecting the interests of users, the Foundation ensures transparency, trust and integrity. Since retail investors and traders place great trust in centralized cryptocurrency exchanges, Binance is calling for public disclosure of insurance wallet addresses.
Users of cryptocurrency exchanges have the right to know whether the platform they are transferring their hard-earned funds to utilizes adequate security measures and whether their funds are completely transparent.
Binance guarantees that users who deposit funds on the platform are financially responsible. The exchange does not act as a hedge fund or investment company. They write on their site:
It is our joint responsibility to make sure the crypto ecosystem is comfortable for our users. A strong cybersecurity posture is only one factor in the equation. Another element is a safety net that minimizes damage in an emergency. SAFU will continue to be a key component of our commitment to the future ecosystem. Binance will continue to evolve to meet market conditions head-on.
