Binance Announces $1B Bitcoin Acquisition to Address October Crisis

In a bold move, Binance reveals plans to buy $1 billion in Bitcoin as a response to the October liquidation crisis, showcasing transparency and commitment.

In an important development, Binance has transformed its emergency insurance fund into a transparent and publicly auditable investment commitment. This strategic decision, revealed on January 30, serves as a response to the recent liquidity issues faced by the exchange.

The platform has pledged to convert approximately $1 billion worth of stablecoin reserves from its Secure Asset Fund for Users (SAFU) into Bitcoin within a 30-day timeframe. Furthermore, Binance has made a clear assurance: if fluctuations in Bitcoin prices result in the fund's value dropping below a specified threshold, there are measures in place to secure the interests of its users.