Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy BNB
BNB (BNB)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (POL)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

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.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Make crypto bots for trading
Press Releases: MEXC Unveils Futures Earn to Enable Passive Income from Futures Trading
MEXC, a leading global cryptocurrency exchange, has officially launched its new Futures Earn product, offering annualized returns of up to 15%.
Press Releases: NorthDirect.com Review: How It Balances Platform, Support, and Learning
Investing in 2025 feels different, faster and more demanding. Investors want more than just access to the market. They want clarity, variety, and tools that actually fit the way they trade..
Press Releases: MEXC Copy Trade Showdown Concludes with $6.6 Billion in Trading Volume
MEXC, a leading global cryptocurrency exchange, announced the conclusion of its Copy Trade Showdown, which generated over $6.6 billion in trading volume, demonstrating strong user trust and..
Press Releases: BingX Elevates VIP Exclusivity With Zero-Fee Benefits, Concierge Services, and Premium Perks
BingX, a leading cryptocurrency exchange and Web3 AI company, today announced a comprehensive upgrade to its VIP program, unveiling a host of new benefits and services designed to enhance..
⁝⁝⁝

Trending news

  • Artificial Intelligence (AI)
  • Altcoins
  • Bitcoin
  • DeFi
  • Ethereum
  • show more