Binance filed a lawsuit in Hong Kong against the founders of RedotPay, accusing them of diverting more than 470,000 clients from its crypto card and seeking $472.8 million in losses.
Binance took a dispute to Hong Kong courts that exposes tensions within the crypto card business. Binance's lawsuit accuses RedotPay founders of taking advantage of a payments partnership to divert more than 470,000 Binance cardholders to their own stablecoin-backed card—an offering that today competes directly with the exchange.