RedotPay Rejects Binance's $470M Lawsuit, Vows to Defend

The legal dispute extends beyond Hong Kong. Binance affiliate Chaintecs has also initiated legal proceedings against RedotPay-related entities in Singapore, where a court hearing is scheduled for Friday.

The conflict stems from a business relationship that began in November 2023, when Binance and RedotPay entered into a commercial partnership. That agreement lasted less than six months after Binance claimed its payment funds had been used to top up RedotPay cards in violation of the arrangement.

The companies later signed a second agreement in March 2025, requiring Binance Pay funds to remain segregated. Under the revised deal, Binance users could convert cryptocurrency to fiat, make in-app transfers, and purchase RedotPay products. They were prohibited from using Binance Pay to fund RedotPay cards. The agreement also expanded RedotPay's access to Binance's payment infrastructure and customer base.

Binance terminated the partnership in April 2026, stating only that the move was part of its routine review of merchant partners.

The lawsuit comes as RedotPay reportedly plans to raise more than $1 billion through a U.S. initial public offering. The offering could value the stablecoin payments company at around $4 billion.