Ethereum price drops after cryptocurrency exchange Bitfinex announces it will close
the world's largest cryptocurrency exchange by daily trading volume (DTN), has added $1 billion to its SAFU fund, which was established in May 2018 to protect customers from price fluctuations.
The move comes amid a number of bear markets where major cryptocurrencies have been hit by sharp declines in value.
The company said it was using the funding to protect customers from price fluctuations and maintain liquidity.
Binance is committed to maintaining the stability of our users' funds at all times, so we have created a special 'SAFU' pool that will be used primarily for this purpose, Binance said in a statement on Wednesday.
This is one of many ways we have taken measures to ensure that you can always liquidate your positions or withdraw funds without worrying about volatility.
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