Binance-Affiliated Entity Sues RedotPay, Claiming $472.8 Million

TechFlow reports, August 5, according to Bloomberg, Binance-affiliated entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore sued relevant individuals of RedotPay in Hong Kong, alleging breach of agreement for diverting over 470,000 users from Binance Card to RedotPay, and seeking $472.8 million in damages. Binance stated that RedotPay allowed Binance Pay funds to be used for card top-ups without segregation, involving approximately $304 million in user funds. RedotPay stated it will actively defend against the lawsuit, claiming the relevant litigation does not affect the company's normal operations.

It was also disclosed that Binance-affiliated entities have filed a lawsuit against RedotPay-affiliated parties in Singapore. The hearing is scheduled for Friday. RedotPay previously sought an IPO at a valuation of approximately $4 billion; the company stated current annualized payment volume reaches $14 billion, annualized revenue $180 million, and user count exceeds 8 million.