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 it 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 the company considers a potential initial public offering, Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.
RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process.