Binance’s insurance fund has grown to $1 billion
The amount is intended to protect platform users in an emergency
01.02.2022 - 07:50
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What’s new? The official Twitter of the Binance cryptocurrency exchange has published the news that the insurance fund size has been increased to $1 billion. This is in order to protect users’ interests in case of hacks, technical problems, and possible cases of fraud on the platform.
#Binance has updated its Secure Asset Fund for users valued at $1BN.Established by #Binance in July 2018, the SAFU is an emergency insurance fund that was set up to protect users’ interests.https://t.co/Ijdcz9Lo1k— Binance (@binance) January 31, 2022
What else is known about the fund? An insurance fund called Secure Asset Fund was founded in July 2018. At that time, Binance’s representatives said that they would be sending 10% of the fees charged on the platform to the fund. The fund currently has the following assets on its balance sheet: 7952 BTC, 1,036 million BNB, and 300 million BUSD. In total, the aggregate amount of insurance funds exceeds $1 billion.
The exchange team has recommended that other platforms also keep an open record of insurance funds on their wallets. Binance believes this will increase transparency and build trust on the part of regulators and members of the crypto community.
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