Binance-affiliated firms are suing RedotPay’s three co-founders for $472.8 million. They are saying customers topped up RedotPay playing cards with cash from Binance accounts, which the 2 corporations had agreed to maintain aside.
RedotPay pitched that very same top-up function to buyers in 2024. Binance says it was by no means allowed.
The Prime-Ups RedotPay Confirmed Its Traders
Bloomberg reviewed RedotPay’s 2024 Collection A pitch supplies. They named the Binance tie-up as a solution to “speed up person adoption.” The deck flagged direct deposits to RedotPay Card from Binance Pay. Binance now calls that observe banned in its petition.
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RedotPay’s public Collection A announcement tells a distinct story. It by no means mentions Binance as soon as. The pitch to buyers was personal. The press launch was not.
The timing issues too. RedotPay’s first Binance deal started in November 2023. It fell aside inside six months over the identical top-up concern. Each that collapse and the pitch supplies land in 2024.
RedotPay Doubled Its Customers Whereas the Channel Stayed Open
RedotPay signed a alternative cope with Binance in March 2025. This one promised to maintain Binance cash separate. That very same month, RedotPay introduced a $40 million spherical led by Lightspeed. It reported over 3 million registered customers.
9 months later it raised $107 million extra, led by Goodwater Capital. By then it counted greater than 6 million customers. The bottom had doubled whereas the Binance channel stayed open.
Binance says greater than 470,000 of these customers got here from Binance Card. That’s roughly one in six of the customers added throughout that window. The submitting doesn’t say over what interval they moved. Binance values every one at $925 in lifetime value.
What the Banks Must Examine
Binance lower the channel off on April 3, 2026. It places the cash that flowed by means of at roughly $304 million. RedotPay is chasing a US itemizing above $4 billion. JPMorgan, Goldman Sachs and Jefferies are reportedly lined up.
These banks now maintain a submitting that alleges management failures. RedotPay introduced a SOC 2 Sort II audit in July. The report’s scope just isn’t public, so it can’t reply the declare.
Yet one more determine deserves care. RedotPay’s newest person and income numbers come from the corporate, not from any submitting. Paymentscan, the tracker RedotPay cites as unbiased, takes its spend information from RedotPay itself.
It verifies solely top-ups on-chain. The dispute is admittedly about who owns buyer relationships in funds.
“This continuing has no impression on our day-to-day operations now or sooner or later. We’re assured in our authorized place, and are vigorously defending all claims,” RedotPay stated in a press release.
That reply covers the continuing, not the founders. Gao Zhangpeng, Chan Wa Choi and Yao Chao are named personally in Hong Kong. A separate Singapore case names RedotPay associates, with a listening to on Friday.
The courtroom will take months. The banks face a less complicated query. How a lot of the expansion was Binance’s?
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