Binance-affiliated entities filed a lawsuit in Hong Kong against RedotPay, accusing the payment startup of diverting more than 470,000 Binance Card customers through their partnership. Binance is seeking $472.8 million in damages, estimating customer lifetime value at $925 per diverted user, and claims RedotPay received roughly $304 million in customer funds routed through Binance Pay. RedotPay denies the allegations and says the case will not affect its daily operations, stating it now serves more than 8 million users with approximately $14 billion in annualized payment volume, which has the company considering an IPO at a valuation above $4 billion. The dispute highlights how stablecoin partners can become rivals for user ownership, fee revenue, and daily engagement.
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