Binance rejects claim it will withdraw Singapore case against RedotPay

Binance and RedotPay have given conflicting accounts of whether Singapore proceedings linked to their nearly $473 million legal dispute are being discontinued following an Aug. 7 court hearing.
Summary

• Binance and RedotPay disagree over whether related Singapore proceedings are being discontinued.
• Binance says it is not abandoning its claims and has informed the court and RedotPay.
• RedotPay expects the Singapore case to be discontinued and plans to seek legal costs.
• The dispute is linked to a Hong Kong case seeking about $472.8 million in damages.

Cointelegraph reported 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.

The 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.

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.

"RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant," a company spokesperson said, adding that the parties would first try to reach an agreement over the amount.

Binance rejected RedotPay's account of the case. "Reports that Binance will be withdrawing its Singapore claims are false," a spokesperson said.

The exchange added that it "is not abandoning its claims and has informed both the court and RedotPay accordingly."

Binance says its Singapore claims remain active

The Singapore proceedings form one part of a legal fight involving several Binance-linked companies and RedotPay, a Hong Kong-based stablecoin payments provider.

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.

Neither company's latest statement, as reported by Cointelegraph, resolves their disagreement over the procedural status of the Singapore matter. RedotPay's position is that the claimant is expected to discontinue the proceedings, while Binance maintains that its claims remain in place.

The dispute surfaced publicly on Aug. 5 after Bloomberg reported on a Hong Kong petition involving Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore.

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.
You might also like: Binance CSO says crypto faces no immediate quantum threat

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.

Binance-linked entities allege that the conduct moved more than 470,000 Binance Card users toward RedotPay's product. They calculated the resulting damages at about $472.8 million by assigning an estimated lifetime value of $925 to each affected customer.

The Hong Kong filing also alleges that about $304 million in funds moved from Binance Pay into RedotPay's ecosystem through the arrangement, according to details of the petition reported by Bloomberg.

RedotPay has rejected the accusations. When the Hong Kong action became public, the company called the claims against it and its co-founders "unfounded" and said it would defend itself through the appropriate legal process.

RedotPay dispute stems from Binance Pay integration

The commercial relationship between the companies dates back to RedotPay's early expansion as a crypto payments provider.

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.

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's card top-up functionality crossed those limits and moved customers away from Binance.

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.

The termination occurred months before details of the Hong Kong and Singapore proceedings became public.

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.

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.

RedotPay raised $194 million before potential IPO

RedotPay's growth had been backed by several large financing rounds before the legal dispute surfaced.

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.

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.

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.

As reported in June 2025, the service used Circle's 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.

The company subsequently expanded its user base while developing stablecoin-powered wallets, payout services and payment cards.

Binance is fighting separate cases in other markets

Binance has also been involved in unrelated legal proceedings outside Hong Kong and Singapore.

In July, nearly 1,700 British investors filed a case against Binance and founder Changpeng Zhao in London's High Court seeking at least £150 million, or roughly $200 million, over alleged losses involving crypto derivatives.

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.

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.

Binance has also disputed reporting about its compliance operations. In May, CEO Richard Teng rejected a Wall Street Journal report concerning the exchange's sanctions controls, saying the publication contained "fundamental inaccuracies" and maintaining that Binance had not permitted sanctioned individuals to transact on its platform.
Read more: Fidelity plans Ethereum staking for $898M FETH fund