Binance tops up emergency fund to $1b

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Binance tops up emergency fund to $1b

By Daniela Kirova - min read

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.