Binance-Linked Entities File $470 Million Lawsuit Against RedotPay Founders in Hong Kong

According to Bloomberg, Binance Holdings-affiliated entities filed a lawsuit against cryptocurrency payments company RedotPay and co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao in Hong Kong today (August 5). The entities accused RedotPay of executing a fraudulent scheme to divert hundreds of thousands of users to competing products rather than Binance-related offerings following an agreement signed last year, resulting in alleged damages of approximately $470 million.
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