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Binance Sues RedotPay Over Alleged User Diversion Scheme

Guavy AI Editorial Team
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A Hong Kong court has been petitioned by Binance-affiliated entities to investigate RedotPay's founders for allegedly siphoning over 470,000 users from Binance Card.

Binance claims it lost $472.8 million due to the alleged diversion of users and their funds, with each user valued at approximately $925 lifetime.

RedotPay denies the allegations and states that the case will not impact its daily operations, which involve serving more than 8 million users and processing around $14 billion in annualized payment volume.

The company is reportedly considering an initial public offering (IPO) at a valuation above $4 billion.

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