Binance releases S.A.F.U. Secure Asset Fund for Users
Crypto , where memes like DOGE, GARLIC and SAFU turn into reality!
Binance exchange announced in their recent statement that they will create a Secure Asset Fund of Users (SAFU). This is due to recent problems with SYS coin, where the daily high for SYS shot up from 0.00004 BTC to 96 BTC.
Originally the word SAFU was a meme taken from a user Bizonacci's YouTube video, in which CZ says Funds a safe in a funny way. Link to Video
From the official Medium statement.
"To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."
Funds are more safuer now!
This comes as a result of irregular trades that were detected from a number of API users, triggering the Binance internal risk management system. Binance made a timely decision to suspend trading, withdrawals and other account functions. Since founding, Binance has always upheld core values of spreading crypto and protecting users. Binance has achieved explosive growth in the first year. With this growth, they also experienced many problems.
The SAFU fund will be latest step to for future stability in the crypto currency realm.