{"id":69812,"date":"2022-11-09T16:59:19","date_gmt":"2022-11-09T14:59:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69812"},"modified":"2025-09-07T22:13:03","modified_gmt":"2025-09-07T19:13:03","slug":"binance-tops-up-safu-fund-to-1-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-tops-up-safu-fund-to-1-billion\/","title":{"rendered":"Binance tops up SAFU fund to $1 billion"},"content":{"rendered":"<p>In the wake of FTX\u2019s insolvency-driven turmoil in the market, Binance boosted its <span data-descr=\"Secure Asset Fund for Users \u2014 Fund for the safety of users' assets\" class=\"old_tooltip\">SAFU<\/span> fund to about ~$1 billion. This was announced by the platform&#8217;s CEO, Changpeng Zhao.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To adjust to recent price fluctuations, <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> has topped up the <a href=\"https:\/\/twitter.com\/hashtag\/SAFU?src=hash&#038;ref_src=twsrc%5Etfw\">#SAFU<\/a> insurance fund to $1 billion USD equivalent again.<\/p>\n<p>BUSD AND BNB address about 700m: <a href=\"https:\/\/t.co\/OMoB6HeR6r\">https:\/\/t.co\/OMoB6HeR6r<\/a><\/p>\n<p>BTC address 300m: <a href=\"https:\/\/t.co\/6kOJ1MZhMM\">https:\/\/t.co\/6kOJ1MZhMM<\/a><\/p>\n<p>Transparency. 1\/2<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1590214179696566274?ref_src=twsrc%5Etfw\">November 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Of this amount, about <a href=\"https:\/\/blockchair.com\/bitcoin\/address\/1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD\">$300 million<\/a> is held in Bitcoin, the remaining <a href=\"https:\/\/bscscan.com\/address\/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa#tokentxns\">$700 million<\/a> is in BNB and BUSD.<\/p>\n<p>Total top-ups amounted to about $215 million \u2014 194,500 BNB (~$62 million) and 8,325 BTC (~$153 million).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe are responsible for protecting our users, &#8230; safeguarding them from any unforeseen problems. By creating the SAFU fund, we provided clients with some peace of mind,\u201d<\/em> <em>\u2014<\/em> said the exchange&#8217;s head.<\/p>\n<\/blockquote>\n<p>In addition to protecting users\u2019 interests, SAFU includes three key components for broad adoption: trust, honesty and transparency, according to a <a href=\"https:\/\/www.binance.com\/en\/blog\/community\/topping-up-safu-to-$1b-8460049926432191856\">press release<\/a>.<\/p>\n<p>Binance established this fund in 2018. It was used, among other things, to compensate $40 million of stolen cryptocurrency in 2019. The fund receives a share of user-paid fees. The assets are stored in BNB, BUSD and BTC.<\/p>\n<p>As of the end of January 2022, the fund stood at $1 billion. Amid worsening market conditions, the figure fell to $735 million.<\/p>\n<p>The day before Zhao<a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-pledges-to-verify-binances-reserves-amid-ftx-crisis\"> pledged to confirm reserves<\/a> for Binance.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAll crypto exchanges should verify their reserves [using] <\/em><a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-merkle-tree\"><em>Merkle tree<\/em><\/a><em>. \u2026 Binance will soon begin to verify reserves. Full transparency,\u201d Zhao wrote.<\/em><\/p>\n<\/blockquote>\n<p>The decision followed <a href=\"https:\/\/u1f987.com\/en\/news\/binance-chief-changpeng-zhao-announces-purchase-of-ftx\">the announcement of a strategic partnership<\/a> between the platform and competitor FTX with an option for its potential acquisition. Zhao accompanied it with the assertion that platforms must maintain larger reserves and not rely on their own token for collateral.<\/p>\n<p>Earlier, Circle CEO Jeremy Allaire<a href=\"https:\/\/u1f987.com\/en\/news\/circle-ceo-compares-the-ftx-crisis-to-lehman-brothers-collapse\"> compared<\/a> the FTX crisis to the collapse of Lehman Brothers. The top executive urged the industry to move from speculation to a \u201cphase of usefulness\u201d that depends on greater transparency.<\/p>\n<p>On November 6, Zhao<a href=\"https:\/\/u1f987.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\"> said<\/a> that the company aimed to exit the FTX utility token (FTT). Assets, together with BUSD, totaling about $2.1 billion, were the result of the company&#8217;s exit from its portfolio investment in Sam Bankman-Fried&#8217;s platform <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-sam-bankman-fried\">Sam Bankman-Fried<\/a>.<\/p>\n<p>At the time, the Binance chief stressed that the move was not aimed at a competitor but followed recent disclosures. He is believed to have referred to CoinDesk&#8217;s investigation, which disclosed details of Alameda Research&#8217;s balance sheet, closely tied to FTX.<\/p>\n<p>On November 8, FTT <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-token-falls-nearly-30\">fell by almost 30%<\/a> amid concerns about the exchange&#8217;s financial stability. At the same time, Bitcoin\u2019s price <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-sinks-below-20000\">fell below the $20,000<\/a> level, dragging the rest of the market down.<\/p>\n<p>Read ForkLog\u2019s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\"\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against the backdrop of FTX\u2019s insolvency-driven turmoil, Binance boosted its SAFU fund to about $1 billion. This was announced by the platform&#8217;s CEO, Changpeng Zhao.<\/p>\n","protected":false},"author":1,"featured_media":69813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1166],"class_list":["post-69812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69812"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69812\/revisions"}],"predecessor-version":[{"id":69814,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69812\/revisions\/69814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69813"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}