This other link works for me. https://www.ibtimes.com/binance-announces-suspension-uk-depo...

"Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform.

"We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," the email read.

The suspension of GBP deposits and withdrawals will commence on May 22 and those who make any GBP deposits after that day will be refunded within seven working days, according to Binance."

I believe the acronym is SNAFU, not SAFU. :P

> I believe the acronym is SNAFU, not SAFU. :P

Different acronym :)

> Secure Asset Fund for Users

> A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.

I didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).

It is literally the first result in google.

The wallet addresses are linked on this page:

https://academy.binance.com/en/glossary/secure-asset-fund-fo...

How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.

Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here.

I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect.

https://www.binance.com/en/proof-of-reserves

There is also some interesting compliance stuff going on in Ceffu.

https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin...

https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc...

https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...

I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?

I see, thanks for the correct clarification.

I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%.

https://cointelegraph.com/news/binance-tops-up-safu-fund-at-...

"Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."

And another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.

Their uk banking partner for faster payments is withdrawing from there relationship with binance in May. Wire transfers unaffected. Continuation of operation chokepoint.