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Binance Sues RedotPay Over Alleged User Diversion and Massive Financial Losses

Guavy AI Editorial Team
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A high-stakes legal battle is unfolding between Binance and RedotPay over allegations that hundreds of thousands of users were diverted from Binance to RedotPay's platform, resulting in massive financial losses for the exchange.

The lawsuit, filed by Binance-affiliated entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore in Hong Kong, accuses RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao of breaching a business agreement by diverting over 470,000 Binance users to their own platform.

Binance claims the alleged user diversion caused $472.8 million in losses, which it attributes directly to the loss of hundreds of thousands of users who allegedly moved to RedotPay instead of staying within the Binance ecosystem.

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