Binance Augments SAFU Fund Stability via USDC, Progresses in Regulatory Compliance

By: Eva Baxter

Binance, one of the major crypto exchanges, has officially transitioned its Secure Asset Fund for Users (SAFU) into Circle's USD Coin, a stablecoin widely renowned for its transparency and compliance-first approach. This move, which according to Binance's statement, involves the transfer of 100% of SAFU's assets into the USDC stablecoin.

The use of the trusted USDC stablecoin for SAFU continues to enhance the fund's reliability and ensures its stability at an estimated $1 billion. A subsequent transaction saw Binance deposit a large sum of BTC and BNB into its hot wallet before withdrawing $1 billion USDC for the SAFU fund wallet.

In other developments, Binance has made considerable progress with regulatory affairs in India and Dubai. In India, it has agreed to a $2 million fine and is making plans to re-establish its presence after facing a ban earlier this year. Concurrently in Dubai, Binance secured its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao decided to step back from his voting control within the exchange's local entity. These regulatory advancements reveal Binance's growing adoption of compliance in the wake of legal contests.