Secure Asset Fund for Users Launched by Binance

From July 14, 10% of the commissions collected by the exchange will be transferred to a separate cold wallet
04 July 2018   1376

Binance created the Secure Asset Fund for Users (SAFU), which will protect the users of the site in emergency cases. The decision was made after unusual transactions with API keys. 

Starting from July 14, 10% of the commissions collected by the exchange will be transferred to a separate cold wallet.

Since founding, Binance has always upheld our core values of spreading crypto and protecting users. Binance has achieved explosive growth in the first year. With this growth, we also experience many problems. We must reflect upon these problems, learn from them, and improve ourselves. We know in the course of making history, we will be tested again and again. We believe every test makes us stronger. And only if we fight together, can we move the industry forward. We thank all of our supporters, those who nudged us forward. We welcome your comments, suggestions and feedback. Thank you for being with us on our journey.  Binance will continue to push forward.
 

Binance Team

On July 3 the site administration noticed suspicious activity, accompanied by the rapid growth of the Syscoin (SYS) token, and decided to suspend trading.

To ensure the security of users, all API keys were deactivated, and suspicious transactions were canceled.

Earlier, on July 4, Binance announced that it had decided to conduct "unscheduled maintenance" after one of the users paid 96 BTC per Syscoin token.

Binance Futures to Report on Month's Success

For example, On October, the 24h trading volumed reached 69 158 BTC (more than $500k)
16 October 2019   92

The crypto-derivative platform Binance Futures reported on the progress achieved in a month.

The blog of the largest Bitcoin exchange Binance says that during the first day the volume of trading on its unit was 19 253 BTC. Just 10 days later, this figure grew almost 4 times and reached a record 74,647 BTC. Thus, the turnover on Binance Futures quickly exceeded the trading volume in the BTC / USDT spot pair on Binance.com.

On October 8, Binance Futures became the fourth largest crypto derivative platform.

As of October 14, the daily turnover of this platform amounted to 69,158 BTC (> $ 500 million), which is comparable to the real trading volume on the 10 largest exchanges according to Bitwise. At the same time, the total daily trading volume on the regulated exchanges CME and Bakkt now amounts to only $ 84 million.

Many futures traders are also using our industry-leading spot market for hedging or conducting arbitrage trades. We have seen increased activities from these traders transferring in and out from spot to futures during volatile periods. The liquid and ease to use spot market, as well as the simple process to transfer capital between spot and futures, provides our customers with the most efficient manner to trade both markets. 
 

Binance Team

Also, according to them, the derivative exchange's matching engine is capable of processing 100 thousand orders per second.