Within the current volatility of the cryptocurrency market, it is understandable that it will lead to mild trading losses, but losing your own funds to a malicious actor can be extremely damaging. However, people often fall victim to scammers who compromise their users’ online accounts.
Key security measures taken by Binance
In X’s message, Richard Teng assured users that safety remains a major priority on the exchange. He emphasized that exchanges prioritize user safety, even in areas without clearly defined cryptographic regulations.
Teng highlighted the years of Binance’s efforts to embrace initiatives to increase trust and enhance security in the Crypto industry.
At #Binance, user safety is our number one priority. Even in areas where regulations do not exist yet, they will actively introduce measures to protect users.
An example is:
🔸SAFU Fund (Safety Asset Fund for Users) – Protection of User Assets
🔸Responsible Trading Program – …– Richard Ten (@_richardteng) April 3, 2025
Creating a Secure Asset Fund (SAFU) for users demonstrates Binance’s commitment to financial security.
This reserve is established to protect users in the event of an unexpected event. Such cases include hacking by malicious actors about the user’s funds for exchanges.
Launched in 2018, Safu now has more than $1 billion in assets as an emergency fund, as traditional banks have fractional reserves.
Binance CEO also highlighted a responsible trading programme specifically designed to promote safe trading habits and address concerns about market manipulation.
The Binance community is seeking more protection
Teng argued that Binance’s back-proofing was another way for Exchange to build trust. This allows users to ensure that Binance has enough reserves to back up their customer deposits. This measure is reassuring, especially considering the losses FTX users have suffered when the exchange collapses.
Some users acknowledge the efforts of the vinanence to reassure them of the security of the funds in exchange. They said Teng is fulfilling his promise to stick to Binance’s core values ​​when he assumes the role of CEO.
However, some are looking to implement more measures to protect the platform and retailer.
