25 February, 2024

Binance Talks Transparency Amidst Reports of SAFU Insurance Fund Reaching $1B

1 year ago

22 Nov, 2023

Following the public feud that took place between the top two competing cryptocurrency exchanges, Binance has taken to Twitter to discuss the importance of transparency in the cryptocurrency industry. This comes at a time when widespread reports are circulating that Binance has acquired the FTX exchange.

Binance started by saying:

“While we have everyone’s attention, let’s talk about transparency in the industry.”

According to the report, protecting users and maintaining a transparent platform are two of Binance’s highest priorities. These two principles should guide your actions if you want to establish long-term, sustainable success in the cryptocurrency industry.

Maintaining a tight relationship with the community in order to take in criticism and act upon it is an essential component of user protection.

“We continue to thank you, our community, for contributing to the growth and direction of Binance, and helping to steer our strategy to build products that users want and need,” says Binance.

Binance’s SAFU (Secure Asset Fund for Users) balance has reached $1 billion. Because maintaining the integrity of the market is essential, the firm has implemented stringent employee trading regulations to avoid insider trading. These standards include that employees may not engage in any active trading of any asset during the preceding ninety days.

Binance claims that in addition to this, the exchange maintains stringent listing standards and has a firewall to separate off the listing team in order to keep private information as safe as is reasonably practicable. 

Additionally, as a matter of policy, Binance does not incur any debt. The firm asserts that it will never do anything with the customer’s money without first receiving explicit authorization from the user.