Binance Seeks $473M From RedotPay in New Lawsuit
TL;DR
- Legal Action: Binance-affiliated firms accuse RedotPay of diverting over 470,000 users from the Binance Card program, seeking $472.8 million in damages.
- Contract Dispute: The lawsuit claims RedotPay let customers fund its stablecoin cards with Binance Pay outside the agreement, allegedly boosting RedotPayโs valuation ahead of a potential IPO.
- Company Responses: RedotPay says operations remain unaffected and it will contest all claims, while the Exchange states it will use legal channels when necessary but will not comment on ongoing proceedings.
Binance-affiliated entities have launched a sweeping legal action against the founders of Hong Kong-based payments firm RedotPay, accusing them of diverting hundreds of thousands of users away from its card program in violation of a commercial agreement. The filing, referenced in a Hong Kong court document obtained by Bloomberg, outlines a dispute that now spans multiple jurisdictions and centers on alleged misuse of Binance Pay to support RedotPayโs own card ecosystem.
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