Binance has launched a $1 billion insurance fund aimed at protecting its users in the event of unforeseen incidents such as hacks, technical failures, or regulatory actions.
The fund, known as the Secure Asset Fund for Users (SAFU), will be used to compensate users for any losses incurred due to issues on the platform.
Binance’s move is part of its broader efforts to bolster user trust and security following increased scrutiny from regulators worldwide.
The fund is also designed to address concerns about the risks associated with holding digital assets on centralized exchanges.
