Binance Rejects RedotPay Claim That Singapore Lawsuit Is…

Binance and stablecoin payments firm RedotPay are giving conflicting accounts of whether related legal proceedings in Singapore are ending, leaving the procedural picture unclear as a wider Hong Kong dispute involving nearly $472.8 million in claimed damages continues.

RedotPay said it expects the Singapore proceedings to be discontinued after an Aug. 7 hearing and plans to seek reimbursement of legal costs from the claimant. Binance rejected that reading, calling reports of a withdrawal false and saying it had told both the court and RedotPay that its Singapore claims were not being abandoned. Until the court record confirms the status, neither account alone settles the matter.

The Singapore action was brought by Binance-linked Chaintecs Consulting Singapore against RedotPay affiliates and forms part of a broader commercial dispute tied to the companies' former payments partnership. On Aug. 5, Binance-affiliated Nest Trading, DistributedTechnologies and Chaintecs filed a petition in Hong Kong against RedotPay's co-founders, accusing the company of improperly diverting more than 470,000 Binance Card users toward its own stablecoin payment card business.

The firms began cooperating in 2023, when RedotPay promoted an integration that allowed Binance Pay users to fund services through its platform. Under a March 2025 agreement cited in the Hong Kong proceedings, Binance Pay funds had to remain segregated and could be used only for specified purposes such as crypto-to-fiat conversion, transfers and purchases of RedotPay-branded products. Binance-linked plaintiffs allege card top-ups fell outside that scope, turning Binance's infrastructure and customer base into an acquisition channel for a competing product. RedotPay has called the allegations unfounded and said it will defend itself.

The plaintiffs seek about $472.8 million in damages, using an estimated lifetime customer value of $925 per user allegedly diverted from Binance Card. That figure remains an allegation and has not been tested in court. Binance stopped supporting Binance Pay on RedotPay on April 3, 2026, saying the decision followed a review of its merchant partnerships.

Investor Takeaways

The dispute arrives as RedotPay expands rapidly. Founded in 2023, the Hong Kong-based company says its registered user base grew from about 3 million in early 2025 to more than 8 million, with annualized payment volume of roughly $14 billion and annualized revenue of about $180 million. RedotPay raised $194 million during 2025, including a $107 million Series B in December. An earlier strategic investment valued the company above $1 billion, and it has explored a potential U.S. IPO at a valuation exceeding $4 billion.

The case could determine how courts treat customer ownership and contractual boundaries when crypto exchanges connect users to outside payment platforms. RedotPay has an incentive to show the litigation is narrowing, while Binance wants to prevent any discontinuance from being read as a retreat from the broader Hong Kong claims.