#SAFU๐ #SAFU๐ #safu
SAFU: Binanceโs Protection Against Surprises
SAFU stands for Secure Asset Fund for Users. Binance, a major crypto exchange, created this fund in July 2018 to protect users against:
Hacks
Security breaches
Other unexpected problems
The goal of SAFU is to show that Binance takes security seriously and is prepared to handle risks in the crypto world.
How SAFU Works:
Binance puts 10% of all trading fees into the SAFU fund.
The fund is currently worth about $1 billion.
Binance regularly checks the fund to make sure it's big enough to protect users.
What SAFU Covers:
Losses from someone getting into your Binance account without permission
Problems caused by weaknesses in Binanceโs security
Other losses that Binance decides are eligible for help
Where the Name โSAFUโ Comes From:
Binanceโs founder, Changpeng Zhao, often tweeted "Funds are safe" to reassure users during unexpected events like system maintenance.
In 2018, a YouTuber named Bizonacci made a funny video titled "Funds Are Safu". The phrase became a popular meme in the crypto community, and Binance adopted it for this security fund.