Binance reacted quite clearly to the recent events of the crypto market, when they announced that it offers its users an industry-leading level of protection through the now one billion dollar SAFU (Secure Asset Fund for Users).
Binance established SAFU in 2018 as an emergency security fund to protect Binance users in extreme circumstances, according to an official statement. Binance has promised to continuously monitor the fund in order to provide users with satisfactory protection through the value of the assets secured in it. Users can view the wallet addresses where funds are held here and here.
“It is our responsibility to protect our users as we not only build the best and most secure platforms, but also protect them in the event of unexpected problems in the market. By operating a secure device base, we contribute to the peace of mind of our users and the security of their devices,” said Changpeng “CZ” Zhao.
The co-founder and CEO of Binance recently emphasized the importance of security at the summit of the world’s leading economic powers (Business 20) in Bali: “Everyone in the industry has a duty to protect users. We trust that the sectoral actors are able to cooperate in order to coordinate positions and establish stricter standards than the current ones. Given the recent turbulent events, Binance considers it essential to develop uniform guidelines. We take joint action with other industry players to develop common business standards. All key players in the industry need to increase transparency and work closely with regulators and legislators to make the industry even stronger,” emphasized Changpeng “CZ” Zhao.