Topping up SAFU to $1B
Funds are SAFU.
The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established in 2018 to protect Binance users in extreme situations. Over the years, we’ve continued to monitor SAFU’s size, maintaining the balance at a level adequate to safeguard our users.
In January 2022, we announced that SAFU was worth $1B. Due to the recent market conditions, that value is now worth $735m — which you can verify here and here. Both wallets contain a combination of BUSD, BNB, and BTC.
As of November 2022, we’ve topped the SAFU balance back to $1B. We made a promise to our user base, along with the larger crypto ecosystem, that SAFU would always maintain a sizable level. We’ll continue to uphold that promise and continue to keep building.
Besides protecting user interests’, SAFU’s definition encompasses three essential components towards mass adoption: trust, integrity, and transparency.
Retail traders and investors place a significant amount of trust in centralized crypto exchanges.
This is why we called upon other centralized exchanges to follow our steps and publicly post their insurance wallet addresses. Users deserve to know if they are transferring their hard-earned money into a platform that employs adequate safety measures and is completely transparent with user funds.
When users deposit their money on the Binance platform to use our products, they can rest assured we are fiscally responsible with those funds. Binance is not and has never acted as an investment firm or a hedge fund. We have heard from the community loud and clear that the industry needs to go beyond what is required.
It’s our responsibility, as a collective, to ensure users feel comfortable in the crypto ecosystem. Robust cybersecurity measures are only one part of the equation; the other part is a safety net that can mitigate as much damage as possible in the event of an emergency.
Moving forward, SAFU will continue to be a core part of our responsibility to the ecosystem, and we will continue to evolve to meet market conditions head on.