Amid the hot volatility within the cryptocurrency market, making a minor trading loss is understandable, but losing one’s funds to malicious actors will doubtless be very detrimental. Yet, folks many times plunge sufferer to scammers who compromise customers’ on-line accounts, a trend Binance CEO Richard Teng staunch commented on.
Key safety measures taken by Binance
In a message on X, Richard Teng assured customers that safety remains a principal priority on the alternate. He emphasized that the alternate prioritizes customers’ safety even in areas with out clearly outlined crypto regulations.
Teng highlighted Binance’s efforts over time in taking the initiative to form have confidence and enhance safety within the crypto alternate.
At #Binance, person safety is our top priority. Even in areas the effect regulations don’t but exist, we proactively introduce measures to give protection to our customers.
Examples embody:
🔸 SAFU Fund (Stable Asset Fund for Users) – safeguarding person property
🔸 Accountable Trading Program –…— Richard Teng (@_RichardTeng) April 3, 2025
Creating the Stable Asset Fund for Users (SAFU) demonstrates Binance’s commitment to financial safety.
This reserve fund is established to give protection to customers in case of unforeseen events. Such incidents embody hacks by malicious actors on customers’ funds on the alternate or when the platform experiences failures.
Launched in 2018, SAFU within the imply time has over $1 billion in property as an emergency fund, staunch like abnormal banks have confidence fractional reserves.
The Binance CEO also emphasized the accountable trading program, which is particularly designed to promote safe trading habits and tackle concerns about market manipulation.
Binance team requires extra protection
Teng maintained that the Binance proof of reserve is one other manner the alternate builds have confidence. It permits customers to ascertain that Binance has ample reserves to encourage buyer deposits. This measure is reassuring, particularly given the loss FTX customers suffered when the alternate collapsed.
Some customers have confidence acknowledged Binance’s efforts in reassuring them of the safety of their funds on the alternate. They illustrious Teng became as soon as fulfilling his promise of sticking with Binance’s core values when he assumed the role of CEO.
Alternatively, some have confidence known as for enforcing extra measures to give protection to the platform and retail merchants.
