Binance Increases its SAFU Fund to $1B

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Crypto exchange Binance has increased its SAFU fund to $1 billion amid market turbulence caused by FTX’s insolvency, according to the platform CEO Changpeng Zhao.

He has said that of this amount, about $300M is in Bitcoin, and the remaining $700M is in BNB and BUSD.

The total deposits amounted to $215M: 194,500 BNB and 8325 BTC.

CZ has said:

“We are responsible for protecting our users by keeping them safe from any unforeseen problems. By creating a SAFU fund, we have provided clients with some peace of mind.”

In addition to protecting the interests of users, SAFU includes three important components for mass adoption: trust, honesty and transparency.

Binance launched this fund in 2018.