Crypto
Binance Sues RedotPay Over Alleged User Diversion and $473M Damages
Binance-affiliated companies have filed a lawsuit against RedotPay, alleging 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, claiming the conduct contributed to RedotPay's valuation as it considers a potential initial public offering (IPO).
Bloomberg reported that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed the petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao.