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.