Crypto exchange Binance has just announced it has increased the assets of its Secure Assets Fund for Users (SAFU) to $1 billion.
According to the company, the SAFU, which was designed to protect users' funds in case of emergency, has 1,036,269 BNB, 300 million BUSD and 7,952 BTC on its balance sheet.
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It should be noted the trading platform has pointed out the total dollar amount is indicated at the time of opening on January 29, 2022. According to the statement:
"Binance calls on all centralized exchanges to publish their insurance fund wallet addresses, 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."
The exchange announced the creation of the fund back in July 2018 after recording unusual transactions on the platform using API keys. Binance later promised to deduct 10% of the fees collected.
In October 2021, Binance announced the launch of a $1 billion fund to develop and support the Binance Smart Chain ecosystem.