Binance users can check SAFU holdings in real-time.
The world’s largest cryptocurrency exchange, Binance has an emergency insurance fund to protect users’ funds, called the Secure Asset Fund for Users (SAFU).
On Monday, Binance announced that SAFU is now valued at $1 Billion.
It also revealed the wallet addresses for SAFU, enabling users to check the balance themselves in real-time. The fund is comprised of BNB, BUSD, and BTC. It was established in July 2018 to protect users’ interests.
The exchange allocates 10% of all trading fees to the fund. It aims to continue to increase its size in order to have a bulwark of funds against any mishappening.
Binance also urged other Centralized Exchanges to publish their emergency insurance funds and wallet addresses. On this Binance CEO, Changpeng Zhao commented.
“Transparency is an important element of building trust, which is why we are publishing our insurance fund wallet addresses. We call on all centralized exchanges to do the same as it will benefit the entire ecosystem and demonstrate to governments, regulators, and important stakeholders our collective commitment to uphold trust, integrity, and transparency in the crypto ecosystem.”Changpeng Zhao, Binance CEO
Since the crypto industry is not regulated, users cannot have any legal safeguards against hacks or frauds. So, self-regulation is the key to protecting customers. Consequently, the crypto space is forming a separate economy with its own conventions. The industry will not get concrete rules until it is formalized.
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