Crypto
Binance Sues RedotPay for Alleged $473 Million User Losses
Binance has sued RedotPay, alleging that the Hong Kong-based cryptocurrency payments company diverted over 470,000 users from Binance Card in breach of their commercial agreement. The plaintiffs seek nearly $473 million in damages.
The lawsuit alleges that RedotPay allowed users to fund its stablecoin payment cards with Binance Pay outside the agreed terms. This allegedly contributed to RedotPay's valuation as the company considers a potential initial public offering (IPO).
RedotPay has rejected what it describes as 'unfounded allegations' against the company and its co-founders. The company says it will respond through the appropriate legal process.