Binance Assurance Fund for Users (SAFU) holds $1 billion in value
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Answer Binance Assurance Fund for Users (SAFU) holds $1 billion in value
A few years after launching the SAFU Initiative, Binance posted an update on this fund, explaining how its value rose to $1 billion.
This fund was created with the increasing number of hacks and security breaches in the cryptocurrency industry.
a description Advertising The product company is an emergency insurance fund established by Binance in mid-2018 to protect the interests and funds of users.
Binance has started to allocate a certain percentage of the trading fee to grow the fund.
Changpeng Zhao, CEO of Binance, commented on the growth of this fund by saying:
Transparency is an important element in building trust, which is why we publish our insurance fund’s portfolio address.Read:Binance founder: “Elon Musk” buys or sells Bitcoin, it has no effect!
We call on all central trading platforms to do the same as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to upholding trust, integrity and transparency in the crypto ecosystem.
The Binance statement also made it clear that the platform will continue to monitor the size and development of the fund to ensure that it remains appropriate to protect the interests of users.
Nowadays decentralized trading platforms have become the most preferred platform by hackers.
This does not negate the extensive hacking of central trading platforms, which took their fair share of security breaches.
CryptoCom was the latest example, with attackers stealing $34 million in cryptocurrency.Read:Binance stops offers of futures and derivatives contracts in the European market and sets a deadline for that!
The company then told that it had paid all the money to the affected users.
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