Binance and RedotPay Engage in Financial Feud Over Siphoned Users

A financial controversy has erupted between Binance and RedotPay over allegedly siphoning off over 470,000 Binance users to build a $4 billion card empire. Binance claims that RedotPay used its partnership with Binance to divert customers into their own competing stablecoin card.

Bloomberg reported that Binance is seeking $472.8 million in losses, which it estimates at an average of $925 per customer. Binance also alleges that RedotPay received roughly $304 million in user funds routed through Binance Pay.

RedotPay denies the allegations and claims that they will not affect its daily operations. The company states that it now serves more than 8 million users and processes approximately $14 billion in annualized payment volume, which has led to speculation about a potential IPO at a valuation above $4 billion.