[kikowi]

Their premise is that they are not doing fractional reserves and actually have all user funds available at all times. SAFU is just an additional safeguard and was primarily created to compensate for hacks (it was used one time when Binance was hacked for $50M).

IMO Binance has billions of their own cash reserves (not user funds), based on their activity in the last year (acquision of coinmarketcap for 0.4B, commiting $1B to boost crypto projects and companies etc.. this must be a fraction of their overall worth and in that case, $6B should also not be a huge issue, especially since they can get a lot of goodwill and millions of FTX users).

Binance collects billions of dollars from fees every year and also get money from their external investments (e.g. Binance invested in FTX and sold their shares last year for $2B ($1.5B and $0.5B FTT)).