Binance is generally considered a safe trading platform due to two-factor authentication to protect user accounts. In 2019 a major hack resulted in the theft of 7,000 Bitcoin, but Binance covered the losses through an emergency insurance fund called the Binance Secure Asset Fund for Users (SAFU). The SAFU is worth $1 billion (£820 billion) and was funded through deposits of 10 per cent of all trading fees to generate a sufficient value to safeguard user transactions.