Binance Converts Emergency Fund Assets into USDC
In another move, Binance has decided to convert the entire pool of assets held in its emergency fund for users into USDC (USD Coin), a stablecoin issued by Circle Internet Financial.
The exchange’s Secure Asset Fund for Users (SAFU), established in 2018 as a safety net for customers during extreme situations, will now consist entirely of USDC.
Previously, the fund held a mixture of assets, including TUSD, BNB, Bitcoin, and Tether’s USDT.
Earlier this month, Binance named a board of directors for the first time in an effort to reshape its image following last year’s guilty plea to US charges of anti-money laundering and sanctions violations.
Gabriel Abed, former ambassador of Barbados to the United Arab Emirates, has been appointed as the chairman of the seven-member board.
The remaining board members include Chief Executive Officer Richard Teng, along with three other company executives, namely Heina Chen, Jinkai He, and Lilai Wang.
Establishing a board and appointing a chairman are among the first steps Binance has taken to adopt a more conventional corporate structure after years of operating without a headquarters
