Binance and RedotPay: A Tale of Crypto Alliances and Broken Trust The recent lawsuit filed by Binance affiliates against the founders of Hong Kong based crypto payments firm RedotPay highlights the risks of partnerships in the wild west of cryptocurrency.
At stake is nearly half a billion dollars in losses, allegedly due to RedotPay's misappropriation of Binance Pay funds for its own card top ups.
Binance alleges that RedotPay co founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao engaged in a "fraudulent scheme" by diverting over 470,000 customers from the Binance Card to RedotPay.