Binance Associated Entities brought nearly $470 million in lawsuits against RedotPay diverted users

On 5 August, according to Bloomberg, the Binance Associated Entities Neest Trading, Distributed Technologies and Chaintecs Consulting Singapore filed a lawsuit in Hong Kong against Gao Zhangpeng, Chan Wa Choi and Yao Chao, co-founders of the Stabilization Currency Payments Company, alleging that more than 470,000 users had been diverted from Binance Card to RedotPay for damages of $472.8 million. In addition, the Binance Associated Entity Chaintecs also initiated proceedings against RedotPay Associated Parties in Singapore, and hearings are scheduled for Friday. RedotPay, which had previously sought to value IPO at about $4 billion, indicated that the current annualized payments amounted to $14 billion, with an annualized revenue of $180 million and more than 8 million users。