Binance moves 1,315 bitcoin into SAFU fund as it prepares to buy $1 billion BTC
Binance moved 1,315 BTC into its SAFU fund, an early step in reframing the reserve around bitcoin.Summary
Crypto exchange Binance transferred approximately 1,315 BTC, valued around $100 million, from a hot wallet into its Secure Asset Fund for Users (SAFU) on Monday. This move is an initial on-chain action supporting Binance's plan, announced on January 30, to shift the $1 billion SAFU fund to be primarily backed by bitcoin over 30 days. The transfer appears to be an internal reclassification of existing bitcoin reserves into the user protection fund, rather than a direct purchase resulting from stablecoin conversion, which had been speculated. This bitcoin-backed SAFU fund introduces a market-dependent risk profile, making Binance's commitment to replenish the fund if its value drops below $800 million due to price volatility crucial.
(Source：CoinDesk)