💥What Does SAFU Mean?
Binance established the Secure Asset Fund for Users (SAFU) for investor safety...
Binance states: "All centralized exchanges should publish their insurance fund and wallet address."
In a statement from Binance, it was emphasized that all centralized exchanges should publish their insurance fund and wallet addresses, stating that "this practice, which will be beneficial for the cryptocurrency ecosystem, will ensure trust, integrity, and transparency for legal regulators and key stakeholders."
Binance elevated user security by establishing the Secure Asset Fund in 2018.
The statement is as follows:
"To protect the future assets of all users, Binance will create the Secure Asset Fund for Users (SAFU). Starting from 07/14/2018, we will allocate 10% of all transaction fees to SAFU to provide protection to our users and funds in emergencies. This fund will be stored in a separate cold wallet."
