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Binance Sues RedotPay Founders Over Alleged User Diversion Scheme

Guavy AI Editorial Team
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Binance, the world's largest digital-asset exchange, is taking RedotPay to court over alleged breaches of their agreement.

The suit seeks $470 million in damages and claims that RedotPay co-founders Gao Zhangfeng, Chan Wa Choi, and Yao Chao fraudulently directed Binance users to their own stablecoin payment card service.

Binance alleges that more than 470,000 users switched from Binance cards to RedotPay cards, resulting in losses of $472.8 million.

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