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RedotPay said it will vigorously defend itself against legal action brought by three Binance-linked companies over allegations that the stablecoin payments firm diverted more than 470,000 Binance customers to its card product.
The Hong Kong company rejected the allegations and said the proceedings would not affect its daily operations. It declined to comment further while the dispute remains before the courts.
Binance Affiliates Allege Card Top-Ups Breached March 2025 Agreement
Nest Trading, Distributed Technologies and Chaintecs Consulting Singapore filed a Hong Kong petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. The plaintiffs are seeking approximately $472.8 million in claimed losses.
They allege that RedotPay allowed customers to use Binance Pay funds for RedotPay Card top-ups despite a March 2025 agreement requiring those funds to remain segregated.
The filing uses an estimated lifetime value of $925 for each allegedly diverted customer in calculating the claimed damages. The plaintiffs also allege that more than 470,000 Binance Card customers were directed toward RedotPay’s competing payment service.
March 2025 Deal Followed Earlier Binance Pay Funding Dispute
RedotPay first entered a commercial agreement with a Binance affiliate in November 2023. That arrangement ended less than six months later following allegations that Binance Pay funds had been used to load prepaid RedotPay cards.
The companies signed a replacement agreement in March 2025. Customers could use Binance Pay funds through RedotPay for crypto-to-fiat conversions, in-app transfers and RedotPay-branded purchases, but not for card top-ups, according to the filing.
The plaintiffs allege that RedotPay continued allowing and encouraging card funding without segregation. Binance Pay discontinued support for payment functionality on RedotPay effective April 3, 2026.
Singapore Hearing is Scheduled for August 7
RedotPay said it is confident in its legal position and will respond through the judicial process. Its cards and other payment services remain available.
Chaintecs has also filed related proceedings against RedotPay-linked entities in Singapore. A hearing in that case is scheduled for August 7.
No court has ruled that RedotPay or its founders breached the agreements, caused the claimed customer losses or owe the $472.8 million sought by the plaintiffs.
