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Our Commitments to You

2022-11-17

We wanted to update you following recent events in the crypto industry to reassure you that your funds are safe with Binance. We know that you’ve heard that from others in crypto just before things weren’t fine. We know that we must show, not just tell you, that your funds are safe. 

At Binance, we are committed to being transparent with the community and our users about their funds and the measures we take to keep you and your funds safe. 

Here’s a reminder of our commitment to you: 

We will always be transparent with you

Last week, you may have seen that we shared some of the addresses of our hot and cold wallets. We wanted to share this while we undertake work on a much bigger project to show a detailed Merkle tree proof of funds, which we will share as soon as it is available. 

The safety of your funds is a priority for us 

Our commitment to security and the safety of our users’ funds has always been our number one priority at Binance. 

We have best-in-class security systems as well as dedicated teams that work 24/7 behind the scenes to detect any activity that looks suspicious and make sure that our users’ funds are safe. 

Your funds are protected

All user funds held on Binance are held 1:1 and available for withdrawal at any time. 

Last week we announced that our emergency insurance fund (Secure Asset Fund for Users) had been topped up to $1bn. The SAFU fund, which was established in 2018, is a safeguard that we made sure we have in place for our users in case of emergencies. 

Binance Australia Derivatives has recently completed its FY2022 Financial Audit which was signed off on 30 September 2022.

We understand that people will feel worried, but at Binance we will always put being transparent with our community first and we will never stop building to deliver these commitments to our community. You can read more about Binance’s ongoing commitments to maintaining a healthy exchange here

Thanks, 

Binance Australia team

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