Binance Entities Sue RedotPay for $472.8M Over Alleged Diversion of 470K Users

According to Bloomberg, Binance-affiliated entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed a lawsuit against RedotPay in Hong Kong, alleging that co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao diverted more than 470,000 Binance users to their platform in breach of an existing agreement. Binance claims damages of $472.8 million from the alleged user diversion. RedotPay has denied the allegations and stated it will defend itself through proper legal channels. A related hearing in a separate Singapore lawsuit brought by Chaintecs Consulting Singapore against RedotPay affiliates is scheduled for Friday.
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