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Binance announces changes to SAFU deposit insurance fund

Market and Events: Binance announces changes to SAFU deposit insurance fund

Cryptocurrency trading platform Binance recently announced the movement of assets from SAFU reserve to USDC stable coins. The move took place to a designated account that holds $1.001 billion worth of assets.

It is important to note that Binance initiated the SAFU reserve back in 2018 with the main purpose of protecting user deposits during financial crises or unforeseen circumstances, as stated on the platform's official website.

Following the #FTX bankruptcy in November 2022, Binance allocated $1 billion to both the SAFU reserve and the Industry Recovery Initiative fund. The latter fund was intended to rebuild the digital currency sector.

During this period, some members of the community expressed disapproval of Binance's actions, questioning the origin of the allocated funds.

The company refrained from any explanation about its choice to convert assets into USDC. Notably, USDC lags far behind USDT, which has a market capitalization of over $100 billion. Nevertheless, the #USDT has been repeatedly criticized for its lack of transparency.

Earlier, a United Nations report and a study conducted by TRM Labs experts cited the active use of USDT by illegal entities such as criminals and terrorists.

For an update on the SAFU reserve balance, you can click on the following link. In addition to USDC, the reserve also includes Ethereum (#ETH), MAGA (TRUMP), and various other meme coins. The collective capitalization of these assets is just over $1 million.

It is worth noting that the market capitalization of USDC has been steadily increasing since the beginning of 2024. By April 17, 2024, it rose to $32.76 billion, a new peak compared to April 2023.

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