Binance Takes Legal Action Against Redotpay Over $473M Losses

WHO:

Bloomberg - Binance affiliates are suing the founders of RedotPay, a Hong Kong-based crypto payments firm.

WHAT:

Bloomberg - The lawsuit claims that RedotPay diverted over 470,000 users to a competing product in a "fraudulent scheme."

Cointelegraph - Binance-linked companies are seeking nearly $473 million in damages from RedotPay.

WHERE:

Bloomberg - The legal action involves RedotPay, which is based in Hong Kong.

WHY:

Bloomberg - The lawsuit alleges that RedotPay's actions were part of a fraudulent scheme to divert users.

HOW:

Cointelegraph - The lawsuit accuses RedotPay of diverting users under a commercial deal.

(UPDATED August 5, 2026 22:14 UTC)

Binance affiliates have launched a lawsuit against the founders of RedotPay, a crypto payments firm based in Hong Kong, claiming that the company diverted over 470,000 users to a competing product as part of a fraudulent scheme. The legal action seeks nearly $473 million in damages, alleging that RedotPay's actions were part of a deceptive commercial deal. This lawsuit highlights ongoing tensions in the competitive landscape of cryptocurrency services.