Binance-affiliated companies are suing Hong Kong-based cryptocurrency payments firm RedotPay and its co-founders for almost $473m, alleging that more than 470,000 Binance Card users were redirected to RedotPay’s competing stablecoin payment service.
The legal action, filed in Hong Kong, claims RedotPay breached a commercial agreement by allowing customers to fund its own stablecoin cards through Binance Pay outside the terms agreed by the two companies.
Bloomberg reported the details on Wednesday, citing a Hong Kong court filing it had obtained. The case seeks about $472.8m in damages as RedotPay continues to grow its international payments business and considers a possible initial public offering in the United States.
The claimants are Binance-linked companies Nest Trading, Distributed Technologies and Chaintecs Consulting Singapore. They allege that RedotPay’s use of Binance Pay helped move more than 470,000 Binance Card customers to its platform.
According to the filing, the companies calculated the alleged losses using a lifetime customer value of $925 for each user they say was diverted. That calculation produced a total claim of close to $473m.
Chaintecs Consulting Singapore has also brought a separate but related case in Singapore against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Bloomberg said a hearing in that matter is scheduled for Friday.
RedotPay has denied the allegations and said it is defending itself through the appropriate legal process. In a statement on its website, the company said the litigation would not interfere with its day-to-day operations.
The firm also published updated business figures. It said its worldwide customer base had increased by more than 33% in the past six months to above eight million users. RedotPay said it was generating annualised revenue of about $180m and processing roughly $14bn in annualised payment volume.
The dispute relates to a partnership that began in December 2023, when RedotPay announced that its cryptocurrency payment cards would support deposits through Binance Pay.
At the time, RedotPay said the integration would allow Binance Pay users to transfer funds directly to cards issued by the company, making it simpler to spend stablecoins through its services.
Links included in RedotPay’s original announcement on X now direct users to pages that are no longer available.
Binance subsequently said it would end Binance Pay functionality on the RedotPay platform from 3 April 2026. The exchange described the decision as part of a review of its merchant partners. Although the original webpage is no longer accessible, it can still be found through searches on Binance’s website.
The court dispute follows changes to parts of Binance’s international operations, with the exchange working through local commercial partners in several countries.
In the Philippines, Binance resumed access through BlockShoals Technologies under the country’s Strategic Regulatory Sandbox, rather than returning to its previous operating model.
The Binance-linked companies have argued that the alleged transfer of customers contributed to RedotPay’s corporate value as the company assesses the possibility of a stock-market listing.
Earlier this year, reports said RedotPay was considering a US listing that could raise more than $1bn and value the company at above $4bn.
RedotPay was founded in April 2023 and has expanded its stablecoin payments operation through multi-currency wallets, cryptocurrency payment cards and global payout services. Before announcing its IPO plans, the company said it had raised $194m during 2025 and achieved unicorn status while serving customers in more than 100 markets.
The reported listing plans emerged during a wider revival in public-market activity among cryptocurrency companies. Circle and BitGo were among the firms to complete public listings as investor interest in regulated digital-asset businesses increased.
The Hong Kong proceedings and the related Singapore case are continuing. Binance and RedotPay have both said the dispute will be dealt with through the courts.
