A few years after launching the Secure Asset Fund for Users (SAFU) initiative, Binance updated it and its value rose to $1 billion. This comes amid the growing number of hacks and security breaches in the cryptocurrency industry. The company’s announcement described the product as an “emergency insurance fund”, created by the exchange in mid-2018 to “protect the interests of users”. Binance started allocating a certain percentage of its trading fees to grow the fund. “Transparency is an important element in building trust, which is why we publish the wallet addresses of our insurance funds. We call on all centralized exchanges to do the same as this will benefit the entire ecosystem and demonstrate to governments, regulators and key stakeholders our collective commitment to maintain trust, integrity and transparency in the crypto ecosystem.” – said Binance CEO, Changpeng Zhao. The statement also explained that the exchange will continue to monitor the size and development of the fund to ensure it “remains sufficient to protect the interests of users”. While decentralized exchanges are typically the most preferred platforms for hackers to exploit, centralized trading platforms have also seen their fair share of security breaches. CryptoCom was the latest example, with attackers looting $34 million worth of digital assets. However, the company said it had reimbursed all of its users for their losses. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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