What Is Secure Asset Fund for Users (SAFU)?

SAFU stands for the "Secure Asset Fund for Users," an insurance pool created by Binance for emergencies.

Get to Know with Secure Asset Fund for Users (SAFU) in Crypto

SAFU stands for the "Secure Asset Fund for Users," an insurance pool established by Binance for emergencies. In July 2018, Binance committed 10% of all trading fees to the SAFU pool to safeguard user funds. These funds are kept in a separate cold wallet. 

As of January 29, 2022, Binance reported that the Secure Asset Fund for Users held assets worth one billion dollars, including BNB, BTC, and BUSD.

What Does “Funds Are SAFU” Mean?

"Funds are SAFU" is a play on the word "safe" and originated from a YouTube video by content creator Bizonacci in 2018. Bizonacci posted a video titled "Funds are SAFU" after Changpeng Zhao, the CEO of Binance, tweeted "Funds are safe" in response to unscheduled system maintenance. The video went viral, leading to the creation of the meme.

Where Did “Funds are SAFU” Come From?

On March 7, 2018, Binance users experienced unscheduled system maintenance, resulting in temporary account access issues. The maintenance was caused by a glitch in the SYS/BTC trading pair, which was exploited by hackers. 

To reassure worried users about the safety of their funds, Changpeng Zhao tweeted "All funds are safe."

Crypto Slang Terms

The establishment of the Secure Asset Fund for Users (SAFU), along with the viral video, contributed to the term becoming a staple in crypto slang. 

Changpeng Zhao further popularized the meme by using the hashtag #safu on various occasions and tweeting "Funds are SAFU" during subsequent maintenance periods on his cryptocurrency exchange.

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