Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Exchange Binance has converted 100% of its Secure Asset Fund for Users (SAFU) assets to stablecoin USD Coin.
Today, all SAFU assets will be converted to $USDC, bolstering reliability and stability at $1bn.
Read more 👇 https://t.co/Dggl3CdQYU— Binance (@binance) April 18, 2024
The firm established SAFU in 2018 as an emergency fund for customers during extreme situations. Previously, Binance’s wallets held Binance Coin (BNB), Tether (USDT), Bitcoin (BTC), and TrueUSD (TUSD).
Meanwhile, the exchange is converting all SAFU reserves into USDC to enrich stability and trustworthiness.
Also, another address holding Bitcoin has sent the entire 16,277,000 BTC to Binance’s hot wallet.
The SAFU reserves now contains 1 million USDC tokens. Binance explained that the transparent, audited, and trusted stablecoin will enhance the emergency fund’s reliability and maintain stability at $1 billion.
Binance to resume operations in India
The leading exchange recently unveiled its plans to relaunch its operations in India, following the country’s decision to block ten exchanges early in 2024.
According to The Economic Times, Binance is making a comeback in 🇮🇳India, agreeing to pay a $2M fine and comply with all financial regulations. #Crypto #Binance #btc pic.twitter.com/8ybvQKCAO4
— Crypto News (@CryptoNeus) April 18, 2024
Notable, Binance intends to pay a $2M penalty before resuming as a compliant and FIU-registered entity.
The post Binance converts 100% of its emergency fund to USDC for improved stability appeared first on Invezz
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.