Binance files $473M lawsuit against RedotPay over alleged user diversion

Binance has sued RedotPay and its co-founders for nearly $473 million, alleging the company diverted more than 470,000 Binance Card users in breach of a commercial agreement. Summary Binance linked companies have sued RedotPay, seeking nearly $473 million over the alleged diversion of more than 470,000 Binance Card users. The lawsuit claims RedotPay allowed users to fund its payment cards through Binance Pay outside the terms of their commercial agreement. RedotPay has denied the allegations, said its operations will continue as normal, and is defending the claims in court. The legal dispute comes as RedotPay reports more than 8 million users and continues pursuing plans for a potential U.S. IPO. Bloomberg, citing a Hong Kong court filing it obtained, reported on Wednesday that Binance-affiliated companies have filed legal action against Hong Kong-based crypto payments firm RedotPay and its founders, accusing the company of improperly redirecting users from Binance Card to its own stablecoin payment card service. The lawsuit seeks about $472.8 million in damages and comes as RedotPay continues expanding its global payments business while weighing a potential U.S. initial public off...