This comes as a result of the recent market plunge, and its purpose is to grant customers maximum protection in case of another possible negative event.
- Changpeng Zhao (CZ) tweeted that his trading venue topped up its SAFU insurance fund to $1 billion. BUSD and BNB holdings account for $700 million of the total sum, while BTC’s address makes up the remaining $300 million.
- The executive outlined that the move could offer transparency and additional security to clients during the current challenging times.
- Binance established the SAFU in 2018 as an emergency insurance fund that could protect clients in case of extreme situations.
- Due to the ongoing crypto winter, the fund’s balance recently dropped to $735 million before the company increased it back to $1 billion now.
