Binance increased security measures
Binance has increased the size of the "Security Asset Fund for Users" (SAFU), which it has commissioned to ensure the security of its users, to $ 1 billion. Always placing the safety of its users first, Binance emphasizes that it is not an investment company or hedge fund.
Binance, the world's leading blockchain and crypto ecosystem, announced that it has increased its Secure Asset Fund for Users (SAFU) to $1 billion again. SAFU functions as an emergency insurance fund that Binance created in 2018 to protect its users in emergencies.
Binance promises to keep SAFU high
Binance announced in January 2022 that SAFU was worth $1 billion, and due to recent volatility, this value had dropped to $735 million. Binance has increased its SAFU balance back to $1 billion as of November 2022. Promising the users and the wider crypto ecosystem that SAFU will always remain at a very high level, Binance stated that it will continue to fulfill this promise and further develop it.
Binance: We invite other exchanges to publish their wallet addresses
Making it a priority to protect user interests, Binance invited other centralized exchanges to follow them and publish the wallet addresses of insurance funds publicly.
Binance: We are responsible for the security of our users
On the other hand, Binance points out that when its users deposit money on the platform to use its products, it is financially responsible for these funds and its users should be absolutely sure of this. Underlining that it is the responsibility of users to feel comfortable in the crypto ecosystem, Binance states that strong cybersecurity measures are only part of the equation. According to Binance, the other part is a safety net that can reduce damage as much as possible in an emergency. Going forward, Binance stated that SAFU will continue to be a core part of their responsibilities to the ecosystem and will continue to evolve to meet market conditions.
