Crypto firm RedotPay says it will defend itself ‘vigorously’ against Binance lawsuit
Binance alleged RedotPay poached customers from the crypto exchange in a lawsuit filed in Hong Kong.
AI Summary
Binance has sued Hong Kong-based RedotPay, alleging the firm diverted about 470,000 Binance customers and caused nearly $473 million in losses by improperly using Binance Pay funds to power its own prepaid cards. RedotPay rejects the claims as unfounded and says it will defend itself "vigorously." The company, which calls itself the world's largest stablecoin payment card issuer, is planning a U.S. IPO of more than $1 billion.