<a href="https://www.cryptoknowmics.com/news/cz-binance-shared-reasons-for-twitter-investment-and-support-for-musk">Changpeng Zhao</a>, often known as "CZ," the founder of cryptocurrency exchange Binance, <a href="https://twitter.com/cz_binance/status/1590214179696566274" target="_blank" rel="nofollow noopener">revealed</a> in a tweet today that the Secure Asset Fund for Users (SAFU) has been topped up to a total of $1 billion worth of different cryptocurrencies.

https://twitter.com/cz_binance/status/1590214179696566274
<h2>Development of SAFU by Binance</h2>
<a href="https://www.cryptoknowmics.com/news/binance-to-liquidate-ftt-holdings-after-recent-disclosures">Binance</a> developed SAFU, an emergency insurance scheme, in July 2018 to safeguard customers' money. To expand the fund to a significant level and provide sufficient protection for consumers, Binance pledged a portion of the trading commissions when it was first created. The fund's value varies according to market conditions, and SAFU fund wallets include <a href="https://www.cryptoknowmics.com/news/national-bank-of-kazakhstan-nbk-to-test-bnb-chain-for-digital-currency">BNB</a>, <a href="https://www.cryptoknowmics.com/news/binance-completes-integration-of-wax-waxp-and-busd">BUSD</a>, and <a href="https://www.cryptoknowmics.com/news/stone-ridge-establishes-btc-lightning-network-startup-accelerator">BTC</a>.

SAFU addresses have around $700 million in Binance network token BNB and stablecoin Binance USD (BUSD). There is almost $300 million worth of bitcoins stored at the address.
<h2>FTX Liquidity Problem Effects on Crypto Market</h2>
Due to rumors surrounding significant exchange <a href="https://www.cryptoknowmics.com/news/ftx-rolling-out-v2-exchange-with-new-matching-engine-in-november">FTX's</a> liquidity problems, cryptocurrency markets have been fluctuating wildly in the last 24 hours amid unstable market dynamics. The <a href="https://www.cryptoknowmics.com/news/sbf-no-longer-a-billionaire-after-14-6b-overnight-wipe-out">Sam Bankman-Fried</a>-owned cryptocurrency exchange was the target of such heated rumors that the company decided to merge with its larger rival, Binance, which sent traders into a spin.

Binance Sets Emergency Insurance Plan 'SAFU' to $1B After BNB Volatility

CZ Binance, revealed that the Secure Asset Fund for Users (SAFU) has been topped up to a total of $1 billion worth of different cryptocurrencies.

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Binance Sets Emergency Insurance Plan 'SAFU' to $1B After BNB Volatility

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