reported<\/a> on Tuesday that RedotPay expects Binance to discontinue the Singapore case, while Binance denied that it intends to abandon its claims and said it has informed both the court and RedotPay of its position.<\/p>\nThe disagreement concerns proceedings brought by Binance-linked Chaintecs Consulting Singapore against RedotPay affiliates and runs alongside a Hong Kong case in which three Binance-affiliated companies are seeking about $472.8 million in damages.<\/p>\n
RedotPay told the publication that it expects the Singapore proceedings to be discontinued after the Aug. 7 hearing and plans to seek its legal costs from the claimant.<\/p>\n
\u201cRedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,\u201d a company spokesperson said, adding that the parties would first try to reach an agreement over the amount.<\/p>\n
Binance rejected RedotPay\u2019s account of the case. \u201cReports that Binance will be withdrawing its Singapore claims are false,\u201d a spokesperson said.<\/p>\n
The exchange added that it \u201cis not abandoning its claims and has informed both the court and RedotPay accordingly.\u201d<\/p>\n
Binance says its Singapore claims remain active<\/h2>\n
The Singapore proceedings form one part of a legal fight involving several Binance-linked companies and RedotPay, a Hong Kong-based stablecoin payments provider.<\/p>\n
Chaintecs Consulting Singapore brought the related action against RedotPay affiliates in Singapore, with the Aug. 7 hearing taking place two days after details of the separate Hong Kong case became public.<\/p>\n
Neither company\u2019s latest statement, as reported by Cointelegraph, resolves their disagreement over the procedural status of the Singapore matter. RedotPay\u2019s position is that the claimant is expected to discontinue the proceedings, while Binance maintains that its claims remain in place.<\/p>\n
The dispute surfaced publicly on Aug. 5 after Bloomberg reported on a Hong Kong petition involving Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore.<\/p>\n
According to the report, the Binance-affiliated plaintiffs filed the case against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao, alleging that RedotPay breached the terms of a commercial relationship involving Binance Pay.<\/p>\n
<\/p>\n
The plaintiffs claim RedotPay allowed Binance Pay funds to be used to top up RedotPay stablecoin payment cards even though such use fell outside the permitted terms of their arrangement.<\/p>\n
Binance-linked entities allege that the conduct moved more than 470,000 Binance Card users toward RedotPay\u2019s product. They calculated the resulting damages at about $472.8 million by assigning an estimated lifetime value of $925 to each affected customer.<\/p>\n
The Hong Kong filing also alleges that about $304 million in funds moved from Binance Pay into RedotPay\u2019s ecosystem through the arrangement, according to details of the petition reported by Bloomberg.<\/p>\n
RedotPay has rejected the accusations. When the Hong Kong action became public, the company called the claims against it and its co-founders \u201cunfounded\u201d and said it would defend itself through the appropriate legal process.<\/p>\n
RedotPay dispute stems from Binance Pay integration<\/h2>\n
The commercial relationship between the companies dates back to RedotPay\u2019s early expansion as a crypto payments provider.<\/p>\n
RedotPay announced an integration with Binance Pay in December 2023 that allowed Binance users to deposit funds directly into RedotPay cards. The payment company used stablecoins and other digital assets to provide card spending and transfer services to customers.<\/p>\n
According to the Hong Kong plaintiffs, restrictions under the commercial arrangement were supposed to limit how Binance Pay users could interact with RedotPay. The companies now disagree over whether RedotPay\u2019s card top-up functionality crossed those limits and moved customers away from Binance.<\/p>\n
Binance later stopped supporting RedotPay through Binance Pay. The exchange said in April that payment functionality for RedotPay had been discontinued effective April 3, 2026, following a review of its merchant partners.<\/p>\n
The termination occurred months before details of the Hong Kong and Singapore proceedings became public.<\/p>\n
RedotPay, meanwhile, had expanded substantially since its initial Binance Pay integration. In February, crypto.news reported that the company was considering a U.S. initial public offering that could raise more than $1 billion and value the payments firm above $4 billion.<\/p>\n
JPMorgan Chase, Goldman Sachs and Jefferies were involved in preparations for the potential New York listing, which could take place in 2026, according to Bloomberg. At the time, RedotPay had more than 6 million users across over 100 markets and was processing billions of dollars in annualized payment volume.<\/p>\n
RedotPay raised $194 million before potential IPO<\/h2>\n
RedotPay\u2019s growth had been backed by several large financing rounds before the legal dispute surfaced.<\/p>\n
In December 2025, the company raised $107 million in a Series B financing led by investors including Goodwater Capital, Pantera and Blockchain Capital. The round brought its total funding to $194 million, according to earlier funding coverage from crypto.news.<\/p>\n
Three months earlier, RedotPay secured $47 million in strategic financing at a $1 billion fully diluted valuation, with Coinbase Ventures, Galaxy Digital and Vertex Ventures among the backers. The company had previously raised $40 million in a Series A round backed by Lightspeed, Galaxy and HongShan.<\/p>\n
Its payment operations also expanded beyond crypto cards. RedotPay integrated with Circle Payments Network to support crypto-to-fiat transfers, initially allowing users to send crypto to Brazilian bank accounts and receive Brazilian reais.<\/p>\n
As reported in June 2025, the service used Circle\u2019s payment infrastructure to settle transfers without requiring the prefunded accounts commonly used in cross-border payment systems. RedotPay had more than 4 million users when the Brazil service launched.<\/p>\n
The company subsequently expanded its user base while developing stablecoin-powered wallets, payout services and payment cards.<\/p>\n
Binance is fighting separate cases in other markets<\/h2>\n
Binance has also been involved in unrelated legal proceedings outside Hong Kong and Singapore.<\/p>\n
In July, nearly 1,700 British investors filed a case against Binance and founder Changpeng Zhao in London\u2019s High Court seeking at least \u00a3150 million, or roughly $200 million, over alleged losses involving crypto derivatives.<\/p>\n
The claimants alleged that Binance offered leveraged tokens, futures and options to UK customers without the regulatory authorization required under the Financial Services and Markets Act. Binance said it would defend itself against the claims.<\/p>\n
Previous coverage of the lawsuit identified Binance Holdings, UAE-registered Nest Exchange, Zhao and unidentified parties linked to the Binance trading platform among the defendants.<\/p>\n
Binance has also disputed reporting about its compliance operations. In May, CEO Richard Teng rejected a Wall Street Journal report concerning the exchange\u2019s sanctions controls, saying the publication contained \u201cfundamental inaccuracies\u201d and maintaining that Binance had not permitted sanctioned individuals to transact on its platform.<\/p>\n
<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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