Binance-Affiliated Firms Sue RedotPay Founders, Allege $472.8M in Losses

Three companies affiliated with Binance have launched legal proceedings in Hong Kong against RedotPay co-founders Chan Wa Choi, Gao Zhangpeng, and Yao Chao, accusing them of violating an agreement by steering users from Binance to the crypto payments platform, Bloomberg reported.

The plaintiffs—DistributedTechnologies, Nest Trading, and Chaintecs Consulting Singapore—allege that more than 470,000 Binance users were diverted to RedotPay, resulting in claimed losses totaling $472.8 million, according to the report.

RedotPay rejected the claims, saying it intends to contest the allegations through the appropriate legal process. 

In a separate action, Chaintecs has also brought a lawsuit in Singapore against RedotPay-related entities. Bloomberg said a hearing in that case is scheduled for Friday.

Source: Bloomberg