Binance sues RedotPay in Hong Kong court over user poaching, seeking $472.8 million in damages

The Binance cryptocurrency exchange has filed suit in a Hong Kong court against the crypto payments company RedotPay and its founders. According to Arzdigital, Binance alleges that RedotPay breached commercial agreements by diverting more than 470,000 Binance Card users to its own stablecoin payment card service, and is seeking $472.8 million in damages. The report said the two companies' partnership began in December 2023, when RedotPay enabled card top ups via Binance Pay. RedotPay, which now has more than 8 million users worldwide and is weighing a US stock market listing at a potential valuation of $4 billion, denied all allegations in an official statement and said the lawsuit would not affect its daily operations. A related complaint has also been filed in Singapore against RedotPay co founder Zhangpeng Zhao.