5 ms·

It's paywalled for me. Are UK customers' funds SAFU?

• rabf 4y ago
  Their uk banking partner for faster payments is withdrawing from there relationship with binance in May. Wire transfers unaffected. Continuation of operation chokepoint.
• anonymouskimmer 4y ago
  This other link works for me. https://www.ibtimes.com/binance-announces-suspension-uk-deposits-withdrawals-after-losing-partner-bank-3676667 https://www.ibtimes.com/binance-announces-suspension-uk-depo... "Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform. "We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," the email read. The suspension of GBP deposits and withdrawals will commence on May 22 and those who make any GBP deposits after that day will be refunded within seven working days, according to Binance." I believe the acronym is SNAFU, not SAFU. :P
  • capableweb 4y ago
    > I believe the acronym is SNAFU, not SAFU. :P Different acronym :) > Secure Asset Fund for Users > A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.
    • anonymouskimmer 4y ago
      I didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).
      • latchkey 4y ago
        It is literally the first result in google. The wallet addresses are linked on this page: https://academy.binance.com/en/glossary/secure-asset-fund-for-users https://academy.binance.com/en/glossary/secure-asset-fund-fo...
        • capableweb 4y ago
          How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.
          • latchkey 4y ago
            Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here. I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect. https://www.binance.com/en/proof-of-reserves https://www.binance.com/en/proof-of-reserves There is also some interesting compliance stuff going on in Ceffu. https://www.binance.com/en/blog/ecosystem/ceffu-formerly-binance-custody-completes-its-soc-2-type-2-attestation-2935392642110815781 https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin... https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc-2-attestation https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc... https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insurance https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...
            • codetrotter 4y ago
              I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
              • latchkey 4y ago
• deleted 4y ago
  [deleted]