How Safe Is Binance?Binance is a generally secure exchange, although it suffered a major hack in 2019 that resulted in 7,000 Bitcoins worth $40 million being stolen from the exchange. Binance has since strengthened its security and has promised that all losses will be recovered through its insurance fund. Binance uses two-factor authentication (2FA) to help secure user accounts. A well-known expression used by Binance CEO, Changpeng Zhao (CZ), to assure users is “SAFU”, implying that Binance’s funds are safe. While it initially only meant that funds are secure (here’s how), it now stands for “Secure Asset Fund for Users”, an emergency “rainy day” insurance fund.Binance has also previously worked with authorities to freeze hacked assets or criminals’ accounts, although it doesn’t roll back hacks on its proprietary blockchain Binance Smart Chain (BSC).