Binance and RedotPay have issued conflicting statements about the status of their nearly $473 million legal dispute, especially regarding whether the Singapore proceedings are being terminated after the court hearing on Aug. 7.
Summary
- Binance and RedotPay disagree on the potential discontinuation of the Singapore proceedings.
- Binance states it is not withdrawing its claims and has formally informed both the court and RedotPay.
- RedotPay expects the Singapore case to be discontinued and plans to seek legal costs.
- The dispute is linked to a Hong Kong case seeking approximately $472.8 million in damages.
As reported by Cointelegraph, RedotPay believes Binance will withdraw from the Singapore case; however, Binance refutes this, confirming it has communicated its position to both the court and RedotPay.
This disagreement stems from actions initiated by Chaintecs Consulting Singapore, relating to Binance, against RedotPay affiliates, coinciding with a Hong Kong case where three Binance-associated entities seek around $472.8 million in damages.
RedotPay recently indicated it expects the Singapore proceedings to end following the Aug. 7 hearing and intends to pursue legal costs from the claimant.
“RedotPay plans to request legal costs due to the discontinuation from the claimant,” a representative mentioned, emphasizing that initial negotiations over the amount would be attempted.
Binance contested RedotPay’s narrative. “Claims suggesting that Binance will withdraw its Singapore claims are false,” a spokesperson asserted.
The exchange highlighted it “is not relinquishing its claims and has properly notified both the court and RedotPay.”
Binance insists its Singapore claims are ongoing
The Singapore proceedings are part of a larger legal struggle involving several Binance-linked entities and RedotPay, a Hong Kong-based stablecoin payment provider.
Chaintecs Consulting Singapore brought the affiliated legal actions against RedotPay’s affiliates in Singapore, with the Aug. 7 hearing occurring shortly after the details of the separate Hong Kong case were disclosed.
Neither company’s latest statements, as cited by Cointelegraph, help clarify their disagreement concerning the status of the Singapore matter. RedotPay insists the claimant is likely to discontinue the proceedings, while Binance argues its claims remain active.
The dispute became public on Aug. 5, following a Bloomberg report on a Hong Kong petition involving Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore.
The Binance-affiliated plaintiffs allege that RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao breached a commercial agreement related to Binance Pay.
The plaintiffs claim that RedotPay wrongly permitted Binance Pay funds to be utilized for topping up RedotPay stablecoin payment cards, which was prohibited by their agreement.
The Binance-linked entities contend that this behavior diverted over 470,000 Binance Card users to RedotPay’s services, estimating damages at approximately $472.8 million based on a lifetime value of $925 per affected customer.
The Hong Kong filing also mentions that roughly $304 million in funds were transferred from Binance Pay into RedotPay’s ecosystem under this arrangement, as reported by Bloomberg.
RedotPay has rejected these allegations. When news of the Hong Kong case surfaced, the company described the accusations against it and its co-founders as “baseless” and affirmed its commitment to defend itself using appropriate legal measures.
RedotPay dispute originates from Binance Pay integration
The commercial relationship between the firms dates back to RedotPay’s nascent growth as a cryptocurrency payment provider.
In December 2023, RedotPay announced its integration with Binance Pay, enabling Binance users to deposit funds directly into RedotPay cards. This payment service utilized stablecoins and other digital assets for card spending and transfer services.
The plaintiffs from Hong Kong assert that the commercial agreement had restrictions aimed at limiting how Binance Pay users could interact with RedotPay. Both companies now contest whether RedotPay’s card top-up feature exceeded those restrictions and redirected customers away from Binance.
Subsequently, Binance terminated its support for RedotPay through Binance Pay. In April, the exchange announced that payment functionalities for RedotPay ceased on April 3, 2026, after evaluating its merchant partnerships.
This decision was made several months before the public disclosure of the Hong Kong and Singapore proceedings.
In contrast, RedotPay significantly expanded its operations after the initial integration with Binance Pay. In February, crypto.news reported that the company was considering an initial public offering in the U.S. that could raise over $1 billion, potentially valuing the payments provider above $4 billion.
JPMorgan Chase, Goldman Sachs, and Jefferies were involved in preparing for the anticipated New York listing, expected to occur in 2026, as stated by Bloomberg. At that time, RedotPay had over 6 million users across more than 100 markets and was processing billions of dollars in annual payment volume.
RedotPay secured $194 million prior to potential IPO
RedotPay’s expansion was bolstered by significant funding rounds before the legal dispute emerged.
In December 2025, the company raised $107 million in a Series B financing round led by investors like Goodwater Capital, Pantera, and Blockchain Capital. This round brought its total funding to $194 million, as reported by crypto.news.
Three months earlier, RedotPay acquired $47 million in strategic financing at a fully diluted valuation of $1 billion, backed by Coinbase Ventures, Galaxy Digital, and Vertex Ventures. Previously, the company secured $40 million in a Series A round with investments from Lightspeed, Galaxy, and HongShan.
RedotPay also expanded its payment services beyond cryptocurrency cards. It integrated with the Circle Payments Network to facilitate crypto-to-fiat transfers, allowing users to send cryptocurrency to Brazilian bank accounts and receive Brazilian reais.
As reported in June 2025, this service utilized Circle’s payment infrastructure to complete transactions without needing prefunded accounts, which are typically required in cross-border payment systems. At the launch of the Brazilian service, RedotPay had over 4 million users.
The company subsequently enlarged its user base and developed stablecoin-based wallets, payout services, and payment cards.
Binance is facing separate legal actions in various jurisdictions
Outside of Hong Kong and Singapore, Binance is involved in unrelated legal matters in several jurisdictions.
In July, nearly 1,700 British investors filed a case against Binance and founder Changpeng Zhao in London’s High Court, seeking at least £150 million (around $200 million) for alleged losses linked to cryptocurrency derivatives.
The claimants allege that Binance provided leveraged tokens, futures, and options to UK customers without the necessary regulatory approval as mandated by the Financial Services and Markets Act. Binance has stated it intends to defend against these claims.
Prior reports on the lawsuit indicated that Binance Holdings, the UAE-registered Nest Exchange, Zhao, and unidentified parties associated with the Binance platform were named as defendants.
Additionally, Binance has refuted claims regarding its compliance measures. In May, CEO Richard Teng countered a Wall Street Journal article that criticized the exchange’s sanctions controls, asserting the article contained “fundamental inaccuracies” and reaffirming that sanctioned individuals have not been permitted to transact on its platform.
