Binance, the world’s leading cryptocurrency exchange, has officially announced the completion of a strategic transition for its Secure Asset Fund for Users (SAFU). The emergency insurance fund, which was established in 2018 to protect user interests during extreme market conditions or security breaches, has now been fully converted into Bitcoin (BTC). Previously, the $1 billion fund was comprised of a diversified mix of assets, including stablecoins and BNB. According to Binance, the decision to consolidate the fund into Bitcoin aims to leverage the cryptocurrency’s high liquidity and established market position to ensure long-term stability. The exchange emphasized that the total value of the fund will continue to be maintained at approximately $1 billion. To ensure transparency, the transfer of assets to a dedicated Bitcoin address was recorded on the blockchain, allowing users and the public to verify the reserve’s status. This move reinforces Binance’s commitment to user security and its ongoing efforts to adapt its financial safeguards to the evolving digital asset landscape.
Source: Binance finalizes $1 billion SAFU reserve conversion into bitcoin
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