Recently, you may have seen many posts on Binance Square regarding Binance converting its $1 billion SAFU fund into $BTC . Many people are still wondering what SAFU is.
SAFU is a short form of "Secure Asset Fund For Users". It was created was Binance in 2018 to protect users if something goes wrong, like a hack or major security breach. Binance sets aside a percentage of trading fees into a separate cold wallet for SAFU. This fund was used to recover the losses caused by a hack in 2019, which stole 7,000 Bitcoin from Binance. This fund is a testament to why so many people choose Binance for their trading activities because it is much more secure than other exchanges.
BTC
69,321.69
-2.23%