Binance Has Drawn Down Half Its SAFU Bitcoin Reserve, Worth About $580 Million

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Data shows Binance has spent roughly half of the bitcoin held in its SAFU user protection fund, a stake valued at about $580 million. The fund has now fallen below the $800 million threshold that Binance's own rules say should trigger a replenishment. The exchange has not disclosed when it plans to top the fund back up. The SAFU fund is designed to cover user losses in the event of security incidents or similar problems on the platform. The development raises questions about the reserve's current capacity to protect customers.

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