Binance tops up SAFU fund at $1 billion amid price fluctuations
As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” Para ajustarse a las fluctuaciones de precios recientes, #Binance ha recargado el #SAFU fondo de seguro al equivalente de $ 1 mil millones de dólares nuevamente. Dirección BUSD Y BNB a unos 700 m: Dirección BTC 300m: Transparencia. 1/2 - CZ Binance (@cz_binance) 9 de noviembre. The tweet included links to two reserve accounts, one of which holds both the Binance stablecoin (BUSD) and the native token of the network BNB (BNB) with an equivalent worth of $700 million. The other wallet revealed Bitcoin (BTC) holdings worth around $300 million. Binance SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time. The crypto community on Twitter responded to the tweet with mostly positive reactions, applauding CZ for his