Binance-affiliated companies file a lawsuit against Hong Kong-based crypto payments firm RedotPay, alleging it diverted Binance Card users in breach of a commercial agreement. Multiple outlets report that the claims centre on alleged diversion of more than 470,000 users, with the companies seeking close to $473 million (about $470 million) in damages. The suit also links the alleged conduct to RedotPay’s rapid growth ahead of a planned initial public offering (IPO), according to the reports.
RedotPay denies the allegations, saying it will defend the claims while continuing its regular business operations. The filings are described as taking place at a critical time for RedotPay, although details of evidence or specific contract terms are not provided in the available summaries. The dispute is currently framed as allegations by Binance-linked entities, with the outcome depending on court proceedings and the parties’ presentations.
