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Binance has increased its insurance fund to $1 billion

Binance has increased its insurance fund to $1 billion

The Secure Asset Fund for Users (SAFU), owned by the cryptocurrency exchange Binance, increased its assets to $1 billion. The assets will be spent to protect users' funds in case of emergencies. 

According to the Binance press service, currently, the SAFU fund balance currently has 7,952 BTC, 1,036,269 BNB, and 300,000,000 BUSD. They also called on other crypto exchanges to release similar data: “Binance calls on all centralized exchanges to publish their insurance fund wallet addresses, as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to uphold trust, integrity, and transparency in the crypto ecosystem.”

As a reminder, the creation of the SAFU fund took place in 2018, when the administration was forced to stop the Syscoin token trading due to suspicious activity. All users had their API keys deactivated, while some transactions were canceled. After that, the company was forced to compensate for those inconveniences partially. To ensure this does not happen again, the company decided to save 10% of the commission to a special fund for the future protection of its users' funds.    


Binance

Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).       

Trading volume: $27.9 billion.

Number of trading pairs (markets): 1643

Legal status: registered in the Cayman Islands

Fiat currencies: over 43 (including USD, EUR, CAD)

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