Binance announces secure asset fund for users (SAFU) in syscoin incident aftermath

posted 8 months ago
Leading cryptocurrency exchange Binance recently announced the creation of a user safety fund called “Secure Asset Fund For Users (SAFU)” in the aftermath of trading irregularities that saw at least one user purchase one Syscoin (SYS), worth about $0.26, for the equivalent of $625,000 in Bitcoin.

Binance’s announcement details that it’ll rollback all irregular trades, and compensate those negatively affected by offering them zero-fee trading between July 5 and 14. All other Binance users will receive a 70% rebate paid in BNB on trading fees paid during this period.
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