Crypto exchange Binance has topped up its Secure Asset Fund for Users (SAFU) to an equivalent of $1 billion worth of several cryptocurrencies after witnessing BNB volatility.
The news broke out when Binance founder Changpend Zhao (CZ) confirmed with a tweet that reads,”To adjust to recent price fluctuations, Binance has topped up the SAFU insurance fund to $1 billion USD equivalent again.”
SAFU is an emergency insurance fund introduced by Binance in July 2018 to protect users’ funds. SAFU addresses currently hold over $700 million in BNB and BUSD, a stablecoin. Additionally, The bitcoin address holds more than $300 million worth of BTC.
Well, the hot topic in crypto town is Binance’s plans to acquire FTX amid its liquidity crisis, which sent a panic wave among investors and traders.
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