Binance Sues RedotPay Over Diverted Users, Losses Reach $473 Million

Binance, one of the largest crypto exchanges, has filed a lawsuit against RedotPay, a crypto card provider. The exchange claims that over 470,000 users were diverted from Binance to RedotPay in breach of their commercial agreement.

The dispute centers around alleged losses of $472.8 million for Binance due to the diversion of these users. According to Bloomberg, the lawsuit also raises broader questions about who owns customers in cryptocurrency payments and how competitive markets operate.

Binance argues that the diverted users generated significant commercial value, making this more than just a contractual disagreement. RedotPay has rejected the allegations, stating it will defend itself through the appropriate legal process.