RedotPay vows 'vigorous' defense against Binance's $470M lawsuit

A Binance spokesperson said the exchange does not comment on ongoing litigation. "Where necessary we will use courts and other forums to pursue what is right," the spokesperson said.

The two companies first signed a commercial agreement in November 2023. It ended less than six months later, after Binance alleged its funds had been used to top up RedotPay prepaid cards. A second agreement, signed in March 2025, required Binance funds to be kept separate. Binance customers could convert crypto to fiat and buy RedotPay-branded goods. They could also make in-app transfers. Card top-ups were barred. The deal gave RedotPay access to Binance users and made Binance's payment services available across RedotPay's network, the filing said. Binance ended the agreement in April 2026, saying only that the decision was part of its merchant partner review.

RedotPay is planning a U.S. initial public offering that could raise more than $1 billion at a potential $4 billion valuation, according to Bloomberg.

The legal fight extends to Singapore, where Binance's Chaintecs unit sued RedotPay affiliates. A hearing is scheduled Friday, according to the Singapore Courts hearing list.