The Binance RedotPay lawsuit, filed in Hong Kong and reported by Bloomberg on 4 August, accuses the crypto payments firm of channelling more than 470,000 Binance Card users to its own competing stablecoin card product in breach of a commercial agreement, with Binance-affiliated entities claiming nearly $472.8 million in damages.
The Straits Times, also citing the Bloomberg-obtained court document, reported the total claim as $605 million, a figure higher than the $472.8 million cited by most other outlets. The two figures have not been reconciled from publicly available sources; the Hong Kong court filing itself would be the arbiter.
What the Binance RedotPay Lawsuit Actually Claims
Three Binance affiliates, Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore, are the named plaintiffs. They allege RedotPay allowed users to top up its stablecoin payment cards via Binance Pay outside the terms of their commercial arrangement, effectively siphoning a significant portion of Binance Card’s user base.
The damages calculation is explicit: $925 per allegedly diverted customer, multiplied across 470,000 users, produces the headline figure. Claims Journal, citing Bloomberg’s account of the court document, characterises the alleged conduct as a fraudulent scheme in which RedotPay channelled customers to a competing product. The original commercial arrangement had been mutually beneficial: RedotPay gained distribution through the world’s largest crypto exchange; Binance extended its payment network through RedotPay’s card infrastructure.
RedotPay’s product sits on the Visa network, offering virtual and physical crypto debit cards that can be topped up with stablecoins for use at retailers and online merchants, according to Electronic Payments International via Yahoo Finance. That infrastructure is precisely what Binance argues was built, in part, on diverted users.
A parallel action filed in Singapore by Chaintecs Consulting Singapore names RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao individually. A hearing in that case was scheduled for 7 August, per the Straits Times. The Hong Kong court document was obtained by Bloomberg on 4 August.
There is a secondary conflict in the sourcing: the snippet describes the partnership as beginning in December 2023, when RedotPay announced Binance Pay deposit support on its cards. The Straits Times, however, dates the violated commercial agreement to 2025. Without access to the primary filing, both dates remain in play. Binance later announced it would discontinue Binance Pay features on the RedotPay platform effective 3 April 2026, citing a review of merchant partners.
RedotPay’s Position and Its IPO Exposure
RedotPay rejected the allegations outright and said operations would continue unaffected. In a statement published on its website, the company said: ‘We are confident in our legal position, and are vigorously defending all claims. As the matter is currently before the court, RedotPay will not be commenting further on the allegations, the ongoing proceedings, or matters that will be addressed through the judicial process.’
The company simultaneously released updated operating figures: its user base has grown by more than 33% over the past six months to exceed 8 million customers globally, it generates roughly $180 million in annualised revenue, and it processes approximately $14 billion in annualised payment volume.
Those numbers matter beyond the legal dispute. RedotPay has been exploring a US listing that could raise more than $1 billion and value the company at over $4 billion. Earlier in 2025, the company said it had raised $194 million and reached unicorn status while serving users across more than 100 markets. Binance’s plaintiffs explicitly argued in their filing that the alleged user diversion contributed to RedotPay’s corporate value ahead of any public offering, a framing that tightens the legal and commercial stakes considerably.
The Binance RedotPay lawsuit sits at the intersection of two pressure points: Binance’s broader reorganisation of international commercial partnerships, and a wave of crypto firms pushing toward public markets. Circle and BitGo have already completed listings; RedotPay’s IPO timeline now runs directly through whatever the Hong Kong and Singapore courts decide.
