"Binance SAFU Begins Testing Small Remittances"

Uk Jin

Summary

It was reported that Binance is believed to have begun testing transfers to its user protection fund "SAFU".
On-chain analyst ai_9684xtpa reported that a transfer of 64.811 USDT occurred from a hot wallet to the SAFU fund address.
Binance said it will gradually convert $1 billion worth of stablecoin assets into Bitcoin (BTC) and complete the exchange within 30 days of the announcement.

Binance is believed to have begun testing transfers to its user protection fund, "SAFU."

On the 2nd (KST), on-chain analyst ai_9684xtpa said on X (formerly Twitter) that "a transfer of 64.811 USDT occurred from a hot wallet to the SAFU fund address."

Previously, over the weekend, Binance said it "plans to gradually convert $1 billion worth of stablecoin assets held in the SAFU fund into Bitcoin (BTC)," adding that it "expects to complete the exchange within 30 days of the announcement."

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