Binance-affiliated entities have filed a petition in Hong Kong against the founders of RedotPay, alleging the payment startup exploited its partnership with Binance to divert more than 470,000 Binance Card customers to its own competing stablecoin card.
According to Bloomberg News, Binance claims $472.8 million in losses from the alleged diversion, a figure built on an estimated $925 lifetime value per customer. Binance also alleges that RedotPay received roughly $304 million in user funds that were routed through Binance Pay.
RedotPay has denied the allegations and stated that the legal case will not affect its day-to-day operations.
