Binance sues RedotPay over alleged $473 million user losses: Report
Summary
Binance-affiliated entities have sued RedotPay’s founders, accusing them of breaching a commercial agreement by diverting more than 470,000 Binance Card users to RedotPay. Binance claims RedotPay let users fund its stablecoin payment cards through Binance Pay outside the agreed scope, causing nearly $473 million in damages based on an estimated lifetime value of $925 per user. The lawsuit says the alleged diversion also helped boost RedotPay’s valuation as it weighs a possible IPO. A related case has also been filed in Singapore. RedotPay says the dispute will not affect operations and plans to contest the claims.
