Binance Increases its SAFU Fund to $1B

News
Reading Time: < 1 minute

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.

If you like our content and want to support us, please follow us on Twitter, Facebook and Instagram and don’t miss the latest news!