Binance-linked entities sue RedotPay over alleged improper user redirection, seeking $472.8 million in damages

Odaily Planet Daily News: Binance-affiliated entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore have filed a lawsuit in Hong Kong against three co-founders of RedotPay—Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The complaint alleges that the three individuals violated relevant agreements by redirecting over 470,000 Binance Card users to RedotPay, with damages sought totaling $472.8 million.

Binance stated that starting in March 2026, it became aware that RedotPay allowed Binance Pay funds to be used for RedotPay card top-ups without proper segregation. During this collaboration, RedotPay obtained approximately $304 million in user funds from Binance Pay. In response, RedotPay said it will vigorously defend against all allegations and that the dispute will not disrupt its normal business operations.

Additionally, Binance-affiliated entity Chaintecs has also filed a lawsuit in Singapore against RedotPay-related parties, with a hearing scheduled for Friday. RedotPay had previously planned to pursue an IPO with a target valuation of approximately $4 billion. According to company disclosures, its current annualized payment volume stands at $14 billion, annualized revenue at $180 million, and its user base exceeds 8 million. (Bloomberg)