Binance lawsuit RedotPay: exchange claims $472.8M lost to rival

A legal battle is brewing between Binance and one of the biggest names in crypto payments. The Binance lawsuit RedotPay dispute centers on claims that hundreds of thousands of users were quietly steered away from Binance and onto a rival platform, allegedly costing the exchange hundreds of millions of dollars in the process.

Key takeaways

• Binance-affiliated entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore have filed a lawsuit against RedotPay in Hong Kong.
• The suit accuses RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao of diverting more than 470,000 Binance users to their own platform.
• Binance claims the alleged diversion caused $472.8 million in losses.
• RedotPay denies the allegations and says it will defend itself through the proper legal channels.
• A related lawsuit filed by Chaintecs Consulting Singapore against RedotPay affiliates in Singapore has a hearing scheduled for Friday.

Binance Affiliates Sue RedotPay in Hong Kong

Three companies tied to Binance have taken RedotPay’s leadership to court, accusing them of breaching a business agreement. According to Bloomberg, Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed the lawsuit in Hong Kong, naming RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao as defendants.

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