Binance Sues RedotPay for Alleged Breach of Partnership Agreement

Binance has filed a lawsuit against RedotPay's co-founders, Gao Zhangpeng, Chan Wa Choi, and Yao Chao, alleging they diverted over 470,000 users to a rival product.

The suit claims the trio allowed Binance Pay funds to be used for prohibited activities like card top-ups without segregation, violating their agreement.

Binance is seeking $472.8 million in damages, valuing each of the migrated users at around $925 in lifetime revenue.

This is not the first time the two firms have clashed over this issue, with a previous agreement falling apart in November 2023 due to similar allegations.