Binance has spent half its SAFU bitcoin, about $580 million worth, data shows

Binance's Secure Asset Fund for Users (SAFU) has drawn down roughly half of its bitcoin holdings, with the fund's BTC balance now worth about $580 million, according to on-chain data. The user protection fund has fallen below the $800 million threshold that Binance's own policy says should trigger a top-up, and the exchange has not disclosed when or how it plans to replenish the reserves. The SAFU fund, which Binance funds through a portion of trading fees, is designed to cover user losses in the event of a security breach or exchange failure, making its depletion a notable signal for the exchange's roughly $100 billion-plus in customer assets. The drawdown comes as Binance faces continued regulatory scrutiny and competitive pressure across its global operations. Market watchers will be monitoring whether Binance moves to refill the fund to the $800 million level, and whether it discloses the timing and source of any new contributions.