The Binance RedotPay Singapore case has become a dispute within a dispute: both companies gave conflicting accounts this week of whether proceedings brought by Binance-linked Chaintecs Consulting Singapore are being discontinued, following an 7 August court hearing. Binance says its claims remain active; RedotPay says it expects a discontinuance and intends to recover legal costs.
‘Reports that Binance will be withdrawing its Singapore claims are false,’ a Binance spokesperson said, adding that the exchange ‘is not abandoning its claims and has informed both the court and RedotPay accordingly.’
RedotPay’s position is the opposite. A company spokesperson said: ‘RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,’ noting that the parties would first attempt to agree on the amount.
How the Binance RedotPay Singapore Case Fits into the Wider $472.8 Million Dispute
The Singapore proceedings run alongside a Hong Kong petition in which three Binance-affiliated entities (Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore) are seeking about $472.8 million in damages from RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao.
The Hong Kong case centres on RedotPay’s integration with Binance Pay, announced in December 2023, which allowed Binance users to deposit funds directly onto RedotPay cards. According to The Straits Times, the two companies first signed an agreement in 2025 that broke down in under six months, then struck a replacement deal in March 2025 that was supposed to keep Binance funds segregated.
The replacement agreement, as Blockhead reports, was signed the same month RedotPay closed a $40 million Series A round and reported more than 3 million users. Under its terms, Binance customers could use funds on RedotPay to exchange crypto for fiat, make in-app transfers or buy RedotPay-branded goods, but card top-ups were excluded.
The Hong Kong filing alleges that RedotPay breached those restrictions anyway. The filing states: ‘Since March 2026, the Binance Group has discovered that RedotPay Group had been allowing and encouraging Binance Pay funds to be used, without segregation, for the prohibited use within RedotPay, including card top-ups for RedotPay Card.’ Binance cut the channel on 3 April 2026, by which point it claims roughly $304 million had moved through the arrangement.
The plaintiffs calculated damages by assigning an estimated lifetime value of $925 to each of the 470,000 Binance Card users they allege were diverted toward RedotPay’s product, arriving at the $472.8 million figure. As Claims Journal notes, citing Bloomberg, the arrangement was originally designed to benefit both sides: RedotPay gained access to the world’s largest crypto exchange’s user base, while Binance extended its payments reach across a wider network.
RedotPay has called the allegations ‘unfounded’ and, according to Fintech News Hong Kong, stated publicly on 5 August 2026 that the case does not affect its day-to-day operations and that it would contest every allegation in court.
RedotPay’s Scale at the Time of the Break
The legal fight arrived while RedotPay was growing quickly. According to Yahoo Finance, the company’s user base has grown more than 33% over the past six months to over 8 million customers, up from 6 million in November 2025.
The Straits Times, citing investor materials reviewed by Bloomberg, reports that RedotPay’s annualised total payment volume surpassed $10 billion in December 2025, doubling year-on-year, while annualised revenues reached $158 million over the same period. The company’s own current figures put annualised payment volumes at $14 billion and annualised revenue at $180 million.
That growth was funded by successive rounds. RedotPay’s $107 million Series B, led by Goodwater Capital with participation from Pantera Capital, Blockchain Capital and Circle Ventures, closed in December 2025 and brought total funding to $194 million, as Fintech Futures reported. A $47 million strategic round in September 2025, backed by Coinbase Ventures, Galaxy Digital and Vertex Ventures, had already secured the company’s unicorn status at a $1 billion fully diluted valuation.
Claims Journal also notes, citing Bloomberg, that the lawsuit arrived as RedotPay had been pursuing fresh fundraising amid turnover among senior executives, a detail that adds pressure to a company simultaneously managing an IPO process and a nine-figure legal claim.
Binance, separately, faces a £150 million-plus claim from nearly 1,700 British investors in London’s High Court over alleged unauthorised crypto derivatives offerings. The Singapore procedural standoff between the two companies will likely require a court ruling to resolve, given neither side’s latest statement has shifted the other’s position.
