Cryptocurrencies: 30358
Markets: 109486
Market Cap: $2,690,561,703,467     
24h Vol: $90,429,152,435
Cryptela — Cryptocurrency News and Market Intelligence
Seeking Alpha 2022-11-09 14:32:07

Binance raises its emergency insurance fund to $1B to adjust to crypto volatility

Cryptocurrency exchange Binance said Wednesday that it has topped up its emergency insurance fund to $1B in an effort to adjust to recent price volatility seen in the cryptosphere . Binance's Secure Asset Fund for Users (SAFU) was established in 2018 to safeguard its users funds. The value of the fund, which is supported by a certain percentage of the exchange's trading fees, depends on how the broader crypto market fares. SAFU fund wallets consisted of binance coin ( BNB-USD ), stablecoin binance USD ( BUSD-USD ) and bitcoin ( BTC-USD ). The move comes as the crypto market came under immense selling pressure in the wake of mounting concerns about crypto exchange FTX's financial health. After news hit regarding FTX's "significant liquidity crunch," Binance ultimately signed a non-binding agreement to bail out the non-U.S. business of Sam Bankman-Fried's FTX. Looking at intraday price action, bitcoin dropped 10% to $17.48K at ~9:30 a.m. ET, and binance coin ( BNB-USD ) slid 7.8% to $297.94. Earlier, crypto world still on edge over contagion from Binance-FTX fallout .
Advertise on Cryptela

Videos
  • NFT Marketing: How to market your NFTs?

  • What is a Bitcoin Wallet? How Bitcoin Wallets Work? Public & Private Key Explained!

  • Digibyte: What is DGB? EXPLAINED!

  • Hardware vs Software Wallets: Which One is Better for You?