Binance Sues RedotPay Founders Over Alleged Customer Diversion Scheme

Binance affiliates Nest Trading Ltd., DistributedTechnologies Ltd., and Chaintecs Consulting Singapore Pte have filed a lawsuit against the founders of Hong Kong-based crypto payments firm RedotPay for allegedly diverting customers to a competing product.

The complaint alleges that RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao violated an agreement signed last year, resulting in nearly half a billion dollars in losses for the Binance affiliates.

The lawsuit claims that RedotPay diverted hundreds of thousands of customers to its competing product, causing significant financial harm to the Binance affiliates.