Binance, the world’s largest crypto-trusted Bitcoin broker and blockchain infrastructure provider, has been able to upgrade its US$1 billion Secure Asset Funds for its users.
Binance has launched the Secure Asset funds for its users (SAFU) in July 2018 to defend the interests of its users and improve their cryptocurrency trading experience. Binance guaranteed a proportion of crypto trading fees when the fund was founded to build it to considerable size and protect the interests of its users.
"We always claimed 'funds are secure' at Binance, and now the Binance Secure Asset Fund size functions as an effective precaution as well as protection for customers against such unexpected circumstances," said Changpeng Zhao (CZ), Founder and CEO of Binance. We are convinced that our users' interests are well-protected thanks to our cutting-edge security.
CZ added: "Because we believe that transparency is a vital part of developing trust, we are disclosing our insurance fund wallet address. We urge all centralised exchanges to follow suit, as it will benefit the whole ecosystem and demonstrate our collective commitment to maintaining confidence, integrity, and openness in the crypto ecosystem to governments, regulators, and key stakeholders."
Binance started to donate 10% of all crypto trading fees to Secure Asset Fund for Users when it was primarily formed in 2018 to offer insurance against any security breaches. Binance will continue to calculate the amount of the SAFU in the future to assure that it stays enough to meet the needs of the community.