(Bloomberg) Crypto exchange Binance Holdings Ltd. has stepped up user funds’ protection by creating a $1 billion insurance fund.
Binance’s move is part of its efforts to address the concerns of users regarding the hacking of crypto exchanges.
The crypto exchange’s CEO Changpeng “CZ” Zhao reiterated the safety of the users’ funds, pointing out that Binance Secure Asset Fund is protection against “unlikely issues.”
The move happens amid a rise in cyberattacks, with crypto exchange Crypto.com facing a hack earlier in the month, in which more than $80 million were seized.
BNBUSD is down -1.64%.
