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Binance announced it purchased 3,600 $BTC for its SAFU (Secure Asset Fund for Users) fund, created to protect user assets. The exchange stated that this purchase was made using approximately $250 million worth of stablecoins, with an average purchase price of $69,444.
According to the statement, following the purchase, the total amount of $BTC in SAFU’s Bitcoin address on Binance increased to 6,230. The total value of the existing assets is stated to be approximately $412 million.
On-chain data shows that this Bitcoin transfer took place on February 6th at 10:04 AM. The purchased $BTC were transferred to the Binance SAFU fund’s address: 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkU.
SAFU fund is known as an assurance mechanism that Binance implemented in 2018 to protect users against potential security breaches and emergencies. The fund is regularly supported by a portion of the exchange’s revenues and is used to compensate users for losses in the event of a potential attack or unexpected loss.
The latest purchase comes at a time of increased market volatility and a drop in Bitcoin’s price to the $70,000 range. This move signals Binance’s continued strategy of strengthening its user security-focused reserves.
On the other hand, the regular public disclosure of the size and assets of the SAFU fund is considered an important step towards transparency in the sector.
*This is not investment advice.