Binance says it has told the court and RedotPay that its claims in the Singapore case remain active.
RedotPay says it expects to recover legal costs if the Singapore case is dropped
Photo Credit: Unsplash/Kanchanara
RedotPay expects Binance will drop the Singapore suit, but Binance denies that it will drop the case and says that they have communicated their stance to the court and RedotPay, as per a report by Cointelegraph. The dispute relates to the cases filed by Chaintecs Consulting Singapore, a company associated with Binance, against affiliates of RedotPay. This is happening amidst the Hong Kong litigation case where three Binance-associated companies have claimed almost $472.8 million (roughly Rs. 4,508 crore) in compensation. According to RedotPay, it anticipates the Singapore litigation to be dropped and plans to claim legal compensation from the claimant.
A Redot spokesperson said, “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” adding that the parties would first try to reach an agreement over the amount. Binance rejected RedotPay's account of the case. The exchange added that it “is not abandoning its claims and has informed both the court and RedotPay accordingly,” a spokesperson said.
The Singapore litigation is one of the legal actions that are part of a bigger dispute between several Binance-related firms and RedotPay, which is a Hong Kong-based stablecoin payment services provider. The action was filed by Chaintecs Consulting Singapore against affiliates of RedotPay, with the August 7 hearing held just two days after the filing of the Hong Kong case.
Both companies' recent statements, according to Cointelegraph, have not helped solve their conflict regarding the process of the Singapore case. RedotPay claims that it is up to the claimant to drop the case, whereas Binance argues that it continues to be relevant. It was revealed on August 5 after Bloomberg reported on the Hong Kong petition related to Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore.
Last week, the Binance-affiliated companies filed lawsuits against the Hong Kong-based crypto payments firm, RedotPay, accusing the firm of diverting over 470,000 customers from Binance Card in violation of their commercial agreement. The lawsuit seeks damages worth almost $473 million (roughly Rs. 4,510 crore), claiming that the behaviour played a part in making RedotPay grow.
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