It's paywalled for me. Are UK customers' funds SAFU?
"Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform.
"We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," the email read.
The suspension of GBP deposits and withdrawals will commence on May 22 and those who make any GBP deposits after that day will be refunded within seven working days, according to Binance."
I believe the acronym is SNAFU, not SAFU. :P
Different acronym :)
> Secure Asset Fund for Users
> A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.
The wallet addresses are linked on this page:
https://academy.binance.com/en/glossary/secure-asset-fund-fo...
I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect.
https://www.binance.com/en/proof-of-reserves
There is also some interesting compliance stuff going on in Ceffu.
https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin...
https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc...
https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...
I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%.
https://cointelegraph.com/news/binance-tops-up-safu-fund-at-...
"Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."