Binance announces $1 Billion Emergency Insurance Fund

Binance (31 Jan,2022) has just announced that it has upgraded its Secure Asset Fund for Users (SAFU) worth $1 Billion. Binance users can verify the Secure Asset Fund wallets on wallet address 1 and wallet address 2.

Binance called on all other centralized crypto exchanges to publish their insurance fund wallet addresses. Binance said in their announcement blog, that doing so will benefit the entire Cryptocurrency ecosystem and show to governments, regulatory agencies and other important stakeholders our collective commitment to uphold trust, integrity and transparency in the crypto ecosystem.

Binance fund is an emergency insurance fund that was established by Binance in July 2018 to protect it’s user’s interests. When the fund was established, Binance began allocating 10% of all trading fees in order to grow it to a sizable level to safeguard users.

In the future, Binance will continue to monitor the size of this fund in order to ensure the fund size remains adequate to protect users’ interests. The valuation of the fund i.e; $1 Billion is based on the opening prices of 2022-01-29.

Given all the hacking and market chaos, indeed it is a very good initiative to openly display emergency funds. As crypto exchanges operate in Blockchain industry i.e; a trust-less system, more than anyone it is these exchange responsible to insure that they truly believe in what they are preaching. Full credits goes to Binance for taking this initiative. We do hope that other would follow the suit.

This is exactly one of the reason we always recommend Binance to our readers for trading.

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