Binance's SAFU fund, whose name stands for 'Secure Asset Fund for Users,' has reached the amount of one billion dollars to reimburse its users in case of a hack or event affecting user funds.
Binance has announced one of its trademark features, the SAFU fund, has reached a milestone in its development. The SAFU fund, an acronym that stands for “Secure Asset Fund for Users,” has reached the amount of one billion dollars, securing the funds of users in case of a hacking emergency. The exchange, which is one of the pioneers in the establishment of such structures, invited other exchanges to also take similar measures.a milestone regarding its SAFU fund.
of the exchange for governments all around the world. The exchange also recommended other crypto exchanges follow suit. In this regard, Binance stated:Binance calls on all centralized exchanges to publish their insurance fund wallet addresses, 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.
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