Binance announces purchase of 3,600 $BTC For the SAFU (Secure Asset Fund for Users) fund established to protect user assets. The exchange said the purchases were made using approximately $250 million worth of stablecoins, with an average purchase price of $69,444.
According to the statement, the total amount after purchase is: $BTC SAFU’s Bitcoin addresses on Binance have increased to 6,230. The total value of existing assets is said to be approximately $412 million.
On-chain data shows that this Bitcoin transfer took place on February 6th at 10:04am. What you purchased $BTC Transferred to Binance SAFU fund address: 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkU.
The SAFU Fund is known as an assurance mechanism that Binance implemented in 2018 to protect users from potential security breaches and emergencies. This fund is regularly supported by a portion of the exchange's revenue and is used to compensate users for losses in the event of potential attacks or unexpected losses.
The purchase comes at a time of heightened market volatility, with Bitcoin prices falling to the $70,000 range. This move signals Binance's continued strategy to strengthen its reserves with a focus on user security.
On the other hand, regular publication of the size and assets of SAFU funds is considered an important step towards transparency in the sector.
*This is not investment advice.
