Binance Struggles to Maintain Emergency Fund Amid Growing SEC Concerns
The recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase have sent shockwaves throughout the crypto market. As a result, the value of Binance’s Secure Asset Fund for Users (SAFU), an emergency fund designed to safeguard user assets, has experienced a significant decline. Binance’s SAFU Takes a Hit The SEC’s lawsuits against Binance and Coinbase triggered a market-wide sell-off, causing Binance’s SAFU to diminish in value. Initially valued at approximately $950 million at the beginning of June, the fund’s assets have dropped to around $861 million, representing a 10% decline.