Bitcoin Exchange Binance Announces It Purchased Bitcoin for the SAFU Fund! Here Are the Details

Binance announced it purchased 3,600 BTC for its SAFU (Secure Asset Fund for Users) fund, created to protect user assets. The exchange stated that this purchase was made using approximately $250 million worth of stablecoins, with an average purchase price of $69,444.

According to the statement, following the purchase, the total amount of BTC in SAFU’s Bitcoin address on Binance increased to 6,230. The total value of the existing assets is stated to be approximately $412 million.

On-chain data shows that this Bitcoin transfer took place on February 6th at 10:04 AM. The purchased BTC were transferred to the Binance SAFU fund’s address: 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkU.

SAFU fund is known as an assurance mechanism that Binance implemented in 2018 to protect users against potential security breaches and emergencies. The fund is regularly supported by a portion of the exchange’s revenues and is used to compensate users for losses in the event of a potential attack or unexpected loss.

The latest purchase comes at a time of increased market volatility and a drop in Bitcoin’s price to the $70,000 range. This move signals Binance’s continued strategy of strengthening its user security-focused reserves.

On the other hand, the regular public disclosure of the size and assets of the SAFU fund is considered an important step towards transparency in the sector.

*This is not investment advice.

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