CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Binance Tops up Its Insurance Fund to $1 Billion Following FTX Crash

Binance Tops up Its Insurance Fund to $1 Billion Following FTX Crash

Author: Dimitar Dzhondzhorov

Last Updated Nov 9, 2022 @ 15:15

BUSD and BNB addresses comprise 70% of the emergency fund, while BTC addresses account for the remaining 30%.

Getting your audio player ready...

Binance’s CEO said the world’s largest cryptocurrency exchange increased its Secure Asset Fund for Users (SAFU) to $1 billion again.

This comes as a result of the recent market plunge, and its purpose is to grant customers maximum protection in case of another possible negative event.

  • Changpeng Zhao (CZ) tweeted that his trading venue topped up its SAFU insurance fund to $1 billion. BUSD and BNB holdings account for $700 million of the total sum, while BTC’s address makes up the remaining $300 million.
  • The executive outlined that the move could offer transparency and additional security to clients during the current challenging times.

To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again.

BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r

BTC address 300m: https://t.co/6kOJ1MZhMM

Transparency. 1/2

— CZ 🔶 Binance (@cz_binance) November 9, 2022

  • Binance established the SAFU in 2018 as an emergency insurance fund that could protect clients in case of extreme situations.
  • Due to the ongoing crypto winter, the fund’s balance recently dropped to $735 million before the company increased it back to $1 billion now.

“As of November 2022, we’ve topped the SAFU balance back to $1B. We made a promise to our user base, along with the larger crypto ecosystem, that SAFU would always maintain a sizable level. We’ll continue to uphold that promise and continue to keep building,” a Binance statement reads.

  • Sufficient reserves and a transparent platform seem to be vital features for investors nowadays. Numerous entities have already become victims of the bear market, including the Thai exchange Zipmex, the crypto lending company Celsius Network, and the hedge fund Three Arrows Capital.
  • Sam-Bankman Fried’s trading venue has also experienced problems recently. Binance vowed to liquidate all its FTT holdings, which prompted a massive price drop for the token and a subsequent market decline.
  • Despite saying initially that FTX and its assets are “fine,” Bankman-Fried later confirmed the rumors that Binance will acquire his firm.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Binance Binance Coin (BNB) Price Changpeng Zhao (CZ Binance)
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Dimitar Dzhondzhorov
More posts by this author

Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!