Binance Affiliates Sue RedotPay Founders for Nearly $473 Million
RedotPay is dealing with a lawsuit looking for round $473 million in damages from Binance-affiliated corporations.
The case facilities on allegations that the Hong Kong-based stablecoin funds agency diverted greater than 470,000 customers from Binance Card by permitting them to fund the agency’s cost playing cards by way of Binance Pay outdoors the phrases of an current industrial settlement.
Bloomberg reported the lawsuit on Wednesday and cited a Hong Kong court docket submitting which revealed the change’s associates Nest Trading, Distributed Technologies Ltd., and Chaintecs Consulting Singapore introduced the case in opposition to RedotPay’s co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao.
Agreement Breach
The plaintiffs calculated the claimed damages utilizing a lifetime buyer worth of $925 for every allegedly diverted consumer. Chaintecs has additionally introduced a associated case in Singapore, the listening to of which is scheduled for Friday.
The dispute comes months after Binance’s resolution to finish its help for the corporate. In an replace, the change beforehand said that Binance Pay options and performance on the RedotPay platform had been discontinued from April 3, 2026, as a part of its assessment of service provider companions.
Meanwhile, the Hong Kong-based agency has been increasing its presence in crypto funds and making ready for a attainable public itemizing. It was in talks to boost as a lot as $150 million, with the potential funding coming because it targets a US IPO that might worth the enterprise above $4 billion. JPMorgan Chase, Goldman Sachs and Jefferies Financial Group had been advising the corporate on a possible New York itemizing that might come as early as this yr.
It had raised $194 million in two funding rounds again in September and December 2025. Coinbase Ventures, Circle Ventures and Blockchain Capital had been among the many traders. RedotPay has additionally posted important development in transaction exercise. Its annualized complete cost quantity crossed $10 billion in December 2025, whereas its full-year TPV elevated 300% yr over yr.
User Growth and Expansion
The RedotPay dispute comes as Binance continues to develop its attain throughout the broader monetary market. In July, the change said its registered consumer base had climbed to 323 million throughout greater than 100 international locations, growing 7% within the first half of 2026.
Institutional customers additionally surged by 9% throughout the identical interval. Its cumulative buying and selling quantity reached $156 trillion after $11.4 trillion was added within the first six months.
Beyond crypto, its conventional finance merchandise have generated greater than $80 billion in month-to-month buying and selling quantity since March. Its inventory buying and selling service, which was launched in June, crossed $1 billion in property beneath administration inside a month.
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