The User Protection Insurance Fund was established in July 2018 to protect the interests of users. Binance has promised some of its transaction fees to SAFU and has begun to provide 10% of the funds. The cryptographic exchange revealed the two wallet addresses where funds are held ensures transparency. The two wallets contain USD 1 billion worth of crypto in the form of BUSD, BNB, and BTC.
Binance CEO Changpeng Zhao urged other crypto platforms to follow the example of his company and disclose details of the emergency insurance fund. He said this would make them more transparent and show their commitment to regulatory agencies. Binance spokesperson revealed that SAFU is designed to protect the interests of its users. He added that SAFU focuses on Binance.com.
In the absence of clear regulations, crypto investors and traders in many countries rely solely on crypto exchange security measures to protect their funds. However, despite the promise of security, some notable crypto platforms have been hacked. Investors lose millions of their user funds. Therefore, the role of the user insurance fund is very important.
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