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

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

Binance stated that beginning 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. RedotPay responded that it will vigorously defend against all allegations and that this dispute will not disrupt normal business operations.

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