Binance Plans Major Bitcoin Acquisition to Address October Issues

In a move to restore trust, Binance will purchase $1 billion in Bitcoin from its SAFU reserves following the October liquidation crisis.

Binance has taken a significant step to regain trust following the October liquidation crisis by transforming its emergency insurance fund into a transparent, public commitment. Announced on January 30, the exchange revealed plans to convert approximately $1 billion from its Secure Asset Fund for Users (SAFU) into Bitcoin over the next month.

This action serves as both a financial maneuver and a symbolic gesture aimed at mending relations with its user base. Binance has made it clear that if fluctuations in Bitcoin prices cause the fund's value to dip below a certain threshold, they will cover the shortfall.