Binance said to be the world’s largest crypto and blockchain infrastructure provider, today announced that it has updated its Secure Asset Fund for Users valued at US$1 Billion.
The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users’ interests. When the fund was established, Binance committed a percentage of trading fees in order to grow it to a sizeable level to safeguard users’ interests.
Changpeng Zhao (CZ), Founder and CEO of Binance said: “At Binance, we always said ‘funds are safe’, and 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.
CZ added: “Transparency is an important element of building trust, which is why we are publishing our insurance fund wallet address. We call on all centralized exchanges to do the same as 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.”
When the Secure Asset Fund for Users was first established in 2018, Binance began allocating 10% of all trading fees to provide insurance for potential security breaches. Moving forward, Binance will continue to monitor the size of the SAFU in order to ensure the fund size remains adequate to protect users’ interests.
The Secure Asset Fund was valued at US$1 billion based on the opening price on January 29, 2022. The value of the fund will fluctuate based on the market. The Fund can be viewed in two wallet addresses and comprises BNB, BUSD, and BTC. Binance has also shared the links to monitor the two wallets.