RedotPay is going through a lawsuit searching for round $473 million in damages from Binance-affiliated firms.
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 fee playing cards by Binance Pay exterior the phrases of an present business settlement.
Bloomberg reported the lawsuit on Wednesday and cited a Hong Kong court docket submitting which revealed the alternate’s associates Nest Buying and selling, Distributed Applied sciences Ltd., and Chaintecs Consulting Singapore introduced the case in opposition to RedotPay’s co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao.
Settlement Breach
The plaintiffs calculated the claimed damages utilizing a lifetime buyer worth of $925 for every allegedly diverted person. 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 determination to finish its assist for the corporate. In an replace, the alternate beforehand stated that Binance Pay options and performance on the RedotPay platform had been discontinued from April 3, 2026, as a part of its overview of service provider companions.
In the meantime, the Hong Kong-based agency has been increasing its presence in crypto funds and getting ready for a doable public itemizing. It was in talks to lift as a lot as $150 million, with the potential funding coming because it targets a US IPO that would worth the enterprise above $4 billion. JPMorgan Chase, Goldman Sachs and Jefferies Monetary Group had been advising the corporate on a possible New York itemizing that would come as early as this 12 months.
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 buyers. RedotPay has additionally posted vital progress in transaction exercise. Its annualized complete fee quantity crossed $10 billion in December 2025, whereas its full-year TPV elevated 300% 12 months over 12 months.
Consumer Development and Enlargement
The RedotPay dispute comes as Binance continues to broaden its attain throughout the broader monetary market. In July, the alternate stated its registered person base had climbed to 323 million throughout greater than 100 nations, rising 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.
Past 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.
The submit Binance Associates Sue RedotPay Founders for Almost $473 Million appeared first on CryptoPotato.