news 
Title: Binance CEO Reveals Exchange’s Top Priority
Binance CEO Richard Teng has revealed the cryptocurrency exchange’s top priority amid growing concerns about the security and stability of user funds. In a recent statement, Teng emphasized the importance of ensuring the safety of users’ assets on the platform.
The CEO highlighted SAFU (Secure Asset Fund for Users), a program designed to protect customer funds in case of unforeseen incidents. This includes hacks by malicious actors on users’ funds on the exchange or when the platform experiences failures. Launched in 2018, SAFU currently has over $1 billion in assets as an emergency fund, similar to traditional banks having fractional reserves.
Teng also emphasized the responsible trading program, which is specifically designed to promote safe trading habits and address concerns about market manipulation. This initiative aims to create a transparent and fair environment for all users on the platform.
As part of its commitment to user security and protection, Binance has implemented various measures, including Proof of Reserve (PoR). This innovative solution allows users to verify that Binance has sufficient reserves to back customer deposits. This measure provides reassurance, particularly after the collapse of FTX, where users lost funds.
Despite these efforts, some users have called for further measures to protect their funds and ensure a stable platform environment.
Source: https://u.today/binance-ceo-reveals-exchanges-top-priority
