Binance has sued Hong Kong-based RedotPay and its founders, alleging the stablecoin payments firm diverted roughly 470,000 users and caused nearly $473 million in losses. RedotPay rejected the allegations and said it will defend itself vigorously.
Binance has sued Hong Kong-based RedotPay and its founders, alleging the stablecoin payments firm diverted roughly 470,000 users and caused nearly $473 million in losses. RedotPay rejected the allegations and said it will defend itself vigorously.
Binance has taken legal action against Hong Kong-based RedotPay and its founders, alleging the stablecoin payments company diverted about 470,000 Binance customers and caused nearly $473 million in losses. RedotPay told CoinDesk it rejects the claims and will defend itself vigorously.
Binance has taken legal action against Hong Kong-based RedotPay and its founders, alleging the stablecoin payments company diverted about 470,000 Binance customers and caused nearly $473 million in losses. RedotPay told CoinDesk it rejects the claims and will defend itself vigorously.
The dispute matters because it centers on crypto payments infrastructure, user access and how commercial partners handle funds across linked services. RedotPay describes itself as the world’s largest stablecoin payment card issuer, while Binance is alleging a breach tied to the use of Binance Pay funds.
According to the report, Binance affiliates filed the lawsuit in Hong Kong, accusing RedotPay of moving users to a competing platform. Binance also alleged in the filing, as reported by Bloomberg and cited by CoinDesk, that RedotPay allowed Binance Pay funds to be used for RedotPay card top-ups despite contractual restrictions.
CoinDesk reported that Binance’s Chaintecs has also filed a related suit against RedotPay affiliates in Singapore, with a hearing scheduled for Friday on the Singapore Courts hearing list. Binance said it does not comment on ongoing litigation, but that it will use courts and other forums where necessary.
The companies first entered a commercial agreement in November 2023, according to Bloomberg’s account of the filing cited by CoinDesk. A second agreement followed in March 2025, requiring Binance funds to be kept separate and allowing Binance customers to use Binance Pay funds on RedotPay for certain services, but not to top up RedotPay cards. Binance ended the agreement in April 2026, describing the move as part of a merchant partner review.
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