The legal action, filed in Hong Kong, centers on a commercial agreement that previously allowed RedotPay users to fund payment cards via Binance Pay. Binance affiliates Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore contend that RedotPay violated these terms, effectively migrating a massive portion of the Binance ecosystem to its own platform. The astronomical damage claim is calculated based on a lifetime customer value of $925 per user.
In section Cryptocurrency
Binance Seeks $473 Million in RedotPay Customer Diversion Lawsuit
Binance-affiliated entities have launched a $473 million legal battle against Hong Kong-based RedotPay, accusing the payment firm of poaching over 470,000 Binance Card users. The plaintiffs allege RedotPay leveraged unauthorized Binance Pay integrations to siphon customers, a claim that arrives as the defendant aggressively pursues a potential U.S. IPO.
Parallel proceedings have emerged in Singapore, where Chaintecs Consulting Singapore is targeting RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. While the dispute threatens to complicate RedotPay’s ambitions for a public listing—valued by some estimates at over $4 billion—the firm maintains its operations remain unaffected. RedotPay, which claims a global user base of 8 million, has vowed to defend its position in court, dismissing the allegations as it continues to process $14 billion in annualized payment volume.
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