Summary
- It reported that Binance said it will shift the asset mix of its user protection fund “SAFU” into Bitcoin (BTC).
- It reported that the Binance SAFU fund address executed a new permission setting, “Allowed Recipient Whitelisting,” which is interpreted as a pre-approval procedure for fund disbursements.
- Binance said it will gradually convert $1 billion worth of stablecoin assets into Bitcoin and complete the exchange within 30 days of the announcement.
As the world’s largest digital-asset (cryptocurrency) exchange Binance said it will shift the asset mix of its user protection fund, the “SAFU” fund, into Bitcoin (BTC), on-chain activity that could be read as preparatory steps has been spotted.
According to BlockBeats on the 2nd (Korea time), the Binance SAFU fund address executed a new permission setting, “Allowed Recipient Whitelisting,” about 20 minutes earlier. The transaction is typically interpreted as a pre-approval procedure for fund disbursements.
Previously, Binance said via its official X (formerly Twitter) that it “plans to gradually convert $1 billion worth of stablecoin assets held in the SAFU fund into Bitcoin,” adding that it “expects to complete the exchange within 30 days of the announcement.”
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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