Binance to Move $1 Billion User Protection Fund Into Bitcoin 

Binance announced on Friday that it will transition the stablecoin holdings within its $1 billion Secure Asset Fund for Users (SAFU) entirely into Bitcoin over the coming 30 days. The exchange stated this conversion will be gradual and subject to regular audits. Furthermore, Binance committed to replenishing the fund using treasury reserves if Bitcoin's volatility causes the SAFU value to drop below $800 million, ensuring it remains at $1 billion. Launched in 2018, SAFU protects users from losses due to extreme events like hacks, financed by a portion of trading fees and held in cold wallets. Binance views this move as a statement of conviction in Bitcoin's long-term role as the industry's foundational reserve asset, though future reviews may consider other core assets like BNB. This decision occurs amid market stress, with Bitcoin experiencing a significant price decline.

(Source：Bitcoin Magazine)