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Crypto Exchange Binance Builds $1B Insurance Fund After Industry’s Recent Hacks

January 31, 2022

Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.

Binance, the world’s largest crypto exchange by trading volume, has been earmarking money for the emergency portfolio since July 2018 and just recently consolidated the funds into one place. The effort marks an attempt to combat concerns from users following a string of cyberattacks, including one at Binance in 2019.

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