Overview
- Binance-affiliated companies filed a petition in Hong Kong seeking about $472.8–$473 million, accusing RedotPay founders of diverting roughly 470,000 Binance Card users and using Binance Pay funds to top up RedotPay cards.
- The complaint alleges about $304 million of Binance Pay-originating funds flowed into RedotPay’s system and values each diverted user at about $925 in lifetime revenue to reach the claimed damages.
- Binance ended Binance Pay access to RedotPay on April 3, 2026 after discovering the disputed activity, and Chaintecs has lodged a related suit in Singapore with a hearing scheduled in early August 2026.
- RedotPay rejects the claims, says it will vigorously defend itself, maintains daily operations are unaffected, and continues to tout rapid growth, reporting more than 8 million users and work toward a possible U.S. IPO.
- The cases go beyond a contract fight by raising broader questions about who 'owns' customer relationships when exchanges, card issuers and payment rails interoperate and could reshape how future partnerships control fund flows and compliance.