Richard Teng, the chief executive of Binance, has taken to his X account to make an important statement for the global army of Binance users.
His tweet came as a comment to support the open letter to the community published by Binance earlier today.
In the open letter, the Binance team touched on the important subject – the volatility of the crypto market and pressure felt by both users and assets during these periods. Binance also feels these blows and it strives to hold itself to high standards and continually improve the level of their services using the feedback received from the crypto community.
They reminded the community that last year, Binance kept working on “stronger risk controls, compliance, and ecosystem development” for the sake of “long-term health” of the cryptocurrency industry.
In particular, last year, the Binance teams worked on such crucial issues as user deposit recovery, risk controls ans user protection (helping 5.4 million users in total and preventing $6.69 billion in potential losses through scams). Binance helped combat various illegal activities on its platform, improved the transparency of its crypto reserves, and worked on token listing distribution and ecosystem diversity.
The Binance team stated that they remain committed to “sustainable, verifiable actions that protect users, advance the industry, and support long-term, responsible growth.”
Richard Teng, the CEO, confirmed that Binance will stay loyal both to users and the crypto space: “Binance is here for the long term. We’re committed to building the industry together.”
Apart from that, Binance announced a major move, which is being copied by other crypto platforms as well – they intend to convert their SAFU fund (consisting of $1 billion in stablecoins) into the flagship cryptocurrency, Bitcoin. This will be done over the next thirty days, according to the open letter.
To ensure the SAFU fund does not shrink due to market volatility, if, say, BTC price falls, decreasing the fund’s value to $800 million, Binance will replenish it back to $1 billion again. Following this announcement, Justin Sun also tweeted that Tron intends to add Bitcoin to its crypto reserves.
He tweeted: “In response to Binance’s call, Tron will also increase its BTC holdings in the future.”
