Binance reportedly plans to implement a proof of reserves system verifying its total exchange assets. This file image shows Binance chief Changpeng Zhao, who has plenty to think about given the current state of the sector. Photo: Reuters.
A large chunk of Binance’s emergency insurance fund – 44% – is made up of the crypto exchange’s own BNB tokens, a report by CryptoPotato says, which cited a tweet by on-chain analyst Willy Woo saying the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB, while the remainder is $300 million of Binance’s dollar-pegged stablecoin BUSD and $270 million of Bitcoin.
“While I commend Binance for having such a fund, there’s no sense putting incidence-correlated BNB in there,” Woo said, “How would we feel about FTX having an insurance fund filled with FTT?”, but the report noted that Binance “plans to implement a proof of reserves system verifying its total exchange assets as well.”
Read the full report: CryptoPotato.
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