Secure Asset Fund for Users (SAFU)
SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.
“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."
The origin of the term "SAFU"
During an unscheduled maintenance, Changpeng Zhao (CZ), the Binance CEO, tweeted out to users stating:
Funds are safe
After this, the phrase “Funds are safe” became regularly used by CZ to ensure users were aware that their funds were, in fact, safe.
Later, on May 19, 2018, a content creator named “Bizonacci
” uploaded a video, titled “Funds Are Safu
” on youtube. The video quickly spread and became a viral meme. The phrase “Funds are safe” was no longer used, and instead, the community began using the phrase “Funds are safu”