Binance Has Spent About Half of Its SAFU Insurance Fund Bitcoin Holdings
(15 hours ago) · 1 source · Summarized by CryptoBipto
On-chain data indicates that Binance has spent roughly half of the bitcoin held in its Secure Asset Fund for Users (SAFU), amounting to approximately $580 million worth. The SAFU fund was established to protect users in extreme situations. The reason for the spending and the current status of the fund's total reserves remain unclear.
WHY IT MATTERS
When you deposit money at a traditional bank, deposit insurance (like FDIC in the United States) protects your funds if the bank fails.
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SOURCES
- coindesk.com
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