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.
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.