Binance Sues RedotPay Founders for $472.8 Million Over Alleged User Diversion Scheme

Binance has filed a lawsuit against the founders of RedotPay in Hong Kong, seeking $472.8 million in damages.

The complaint alleges that RedotPay's co-founders diverted over 470,000 users away from Binance's payment products as part of a 'fraudulent scheme',

Binance claims that RedotPay let users top up their cards directly with Binance Pay funds without segregating the money, contrary to agreed terms.

The damages figure is built on a claimed lifetime value of $925 per diverted user.