Binance Sues RedotPay Over Diverted Users, Claims $472.8M in Losses

Binance has filed a lawsuit against RedotPay, claiming that the company diverted over 470,000 of its users in breach of their commercial agreement.

The lawsuit alleges that RedotPay's actions resulted in losses of $472.8 million for Binance.

According to the agreement between the two companies, payment flows were supposed to remain operationally separate, but Binance claims that these safeguards broke down after Binance Pay funds were used to top up RedotPay Cards.

The dispute highlights broader questions about ownership of customers in cryptocurrency payments and how the competitive market operates.