Insurance company NeoFortis has announced that it has paid out a total of US$870,000 in compensation to clients who lost funds on the Binance cryptocurrency exchange.
The company decided not to wait for the exchange to complete its lengthy procedures and reimbursed customers for the claimed losses itself. NeoFortis now intends to negotiate directly with Binance to secure the return of the funds it has paid out.
This case highlights the company’s core principle — that clients’ interests must be the priority. NeoFortis strives to make the protection of digital assets more reliable and efficient, demonstrating the practical value of insurance in the crypto industry.
For customers, this means they can receive compensation without having to wait for all the settlement procedures with the trading platform to be completed.