Binance sues RedotPay over alleged $473 million user losses: Report

Binance-linked companies sued RedotPay, accusing it of diverting more than 470,000 Binance Card users under a commercial deal and seeking nearly $473 million in damages.

Binance-affiliated companies have sued the founders of Hong Kong-based cryptocurrency payments company RedotPay, alleging they diverted more than 470,000 users from Binance Card in breach of their commercial agreement.

The plaintiffs seek nearly $473 million in damages, alleging the conduct contributed to RedotPay’s valuation as it considers a potential initial public offering, Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.

According to the report, Binance Holdings affiliates Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed the petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao.

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