Binance transferred assets of the help fund from BUSD to two other stablecoins
Cryptocurrency exchange Binance has converted SAFU client relief fund assets from BUSD to two other stablecoins
The cryptocurrency exchange converted SAFU customer assistance fund assets into TrueUSD and Tether
Binance has converted some of the SAFU funds held in Binance USD (BUSD) stablecoins into TruUSD (TUSD) and Tether (USDT) tokens. The exchange decided to convert the funds because the issuer of BUSD tokens no longer issues them.
SAFU (The Secure Asset Fund for Users) was created by the exchange to protect users' funds in 2018. The exchange said 10% of the fees paid by users would go into the fund. SAFU assets were held in BTC, BUSD, and BNB and totaled about $1 billion.
In 2019, the fund compensated 7,000 bitcoins ($40 million at the time) from the Binance hack. In 2020, the fund allocated more than $10 million to cover user losses from the attack on the COVER project.
The conversion of funds from BUSD to USDT and TUSD will not affect users, and those funds will continue to be held at publicly verifiable addresses, the exchange said in a statement.
On March 13, Binance also announced the withdrawal of crypto-industry assistance fund (Industry Recovery Initiative, IRI) assets from the BUSD stablecoin. The funds held in the fund were converted into cryptocurrencies such as bitcoin, Ethereum, and BNB.