Binance Affiliates Sue RedotPay Founders for Nearly $473 Million
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Binance-affiliated companies have sued Hong Kong-based stablecoin payments firm RedotPay seeking about $473 million, alleging it diverted more than 470,000 users from Binance Card by allowing card funding through Binance Pay outside the terms of an existing commercial agreement. The lawsuit raises legal and counterparty risk for RedotPay and could dent crypto payments adoption, merchant integrations and market trust in stablecoin payment rails.
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RedotPay is facing a lawsuit seeking around $473 million in damages from Binance-affiliated companies.
The case centers on allegations that the Hong Kong-based stablecoin payments firm diverted more than 470,000 users from Binance Card by allowing them to fund the firm’s payment cards through Binance Pay outside the terms of an existing commercial agreement.
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