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Binance's user protection insurance reserve valued at $1 Billion

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Binance launched the Secure Asset Fund for Users (SAFU) in 2018 with a 10% trading fee distribution.

Binance, the world's largest crypto exchange by trading volume, revealed that its Secure Asset Fund for Users (SAFU) has been valued at $1 billion.

In July 2018, the user protection insurance fund was formed to safeguard users' interests. Binance has allocated a part of its trading fee to SAFU and has started distributing 10% of its trading cost to the funds. To maintain transparency, the crypto exchange also disclosed the two wallet addresses in which the funds are stored. In BUSD, BNB, and BTC, the two wallets hold a billion dollars worth of cryptocurrency.

Binance CEO Changpeng Zhao asked other crypto exchanges to join in their ways and release the information of their emergency insurance funds also. He stated that doing so would enhance their transparency and allow them to demonstrate their dedication to authorities.

The SAFU, as per a Binance representative, is intended to safeguard users' interests, and funds are utilized at Binance's oversight. He added that SAFU is centred on, but not restricted to, Binance.com. He elaborated:

"The purpose of SAFU is to protect Binance users and we reserve the right to cover issues outside of Binance.com if required."

In the lack of specific rules, many countries' crypto investors and traders rely primarily on the safety measures of crypto exchanges to secure their funds. Despite the claimed security, several of the most well-known crypto platforms have been attacked, resulting in the loss of millions of dollars in user funds. As a result, the function of user insurance funds becomes extremely important.

Though hackers have mainly targeted decentralized exchanges and protocols because of their leisure of theft, this does not make centralized exchanges any protected. A hacker tended to drain funds from 483 user accounts at one of the Crypto.com sites earlier this month, resulting in an estimated loss of $33 million. The crypto exchange stated it had reimbursed users who had lost funds.



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