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Three Binance-linked companies have sued RedotPay’s co-founders in Hong Kong, alleging the stablecoin payments company diverted more than 470,000 Binance Card users in breach of a commercial agreement.
Nest Trading, Distributed Technologies and Chaintecs Consulting Singapore are seeking approximately $472.8 million from Gao Zhangpeng, Chan Wa Choi and Yao Chao. RedotPay rejected the allegations and said the proceedings would not disrupt its daily operations.
Plaintiffs Say Binance Pay Funds Were Used for RedotPay Card Top-Ups
The case concerns a partnership that allowed users to transfer funds through Binance Pay. The plaintiffs allege that RedotPay allowed those funds to be used for card top-ups despite contractual terms requiring the companies and their customer flows to remain separate.
They claim the arrangement directed more than 470,000 Binance Card customers toward RedotPay’s competing stablecoin card service. The filing uses an estimated lifetime value of $925 for each allegedly diverted customer as one component of the requested damages. The plaintiffs are seeking $472.8 million in total.
RedotPay announced its Binance Pay integration in December 2023, promoting direct deposits from Binance Pay into its cards. Binance later ended Pay support on the RedotPay platform from April 3, 2026, following a review of its merchant partnerships.
RedotPay Reports 8M Users as It Denies the Claims
RedotPay said it is confident in its legal position and is vigorously defending all claims. The company declined to discuss the allegations further while the dispute remains before the courts.
The stablecoin payments company reports more than eight million users and approximately $14 billion in annualized payment volume. It previously reached unicorn status and has reportedly explored a U.S. initial public offering that could raise more than $1 billion.
The Hong Kong case remains at an early stage, and no court has ruled on whether RedotPay or its founders breached the agreement.
Singapore Court Hearing is Scheduled for August 7
Chaintecs has also filed related proceedings against RedotPay entities in Singapore. A hearing in that case is scheduled for August 7.
The plaintiffs have not yet established that the alleged user diversion caused the losses claimed in Hong Kong. RedotPay continues to operate while defending the cases, and no judgment or damages award has been issued.
