Binance to shift $1 billion user protection fund into bitcoin amid market rout
CoinDesk
Binance will convert its $1 billion SAFU fund's stablecoins into Bitcoin over 30 days, maintaining an $800 million floor.Summary
Binance announced it will convert the stablecoin holdings within its $1 billion Secure Asset Fund for Users (SAFU) into Bitcoin over the next 30 days, with plans for regular audits. SAFU is an emergency fund designed to protect users from losses due to unforeseen events like hacks. The exchange committed to topping up the fund back to $1 billion if Bitcoin's price volatility causes its value to drop below $800 million. Binance stated this conversion is part of its long-term industry-building efforts.
(Source：CoinDesk)