Binance Sues RedotPay for $472.8M Over Alleged Illegal User Diversion

Binance affiliates seek $472.8M in damages, accusing RedotPay founders of diverting 470k users and accessing $304M in funds. RedotPay vows to defend its operations.

Woofun AI reports that Binance-related entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore have initiated legal proceedings in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The lawsuits allege that the defendants violated agreements by redirecting more than 470,000 users from Binance Card to RedotPay, resulting in claimed losses of $472.8 million. Binance asserts that since March 2026, RedotPay permitted the use of Binance Pay funds for card top-ups without adequate isolation, granting access to approximately $304 million in user capital. RedotPay stated it will vigorously contest all allegations and maintain normal business operations.

Concurrently, Chaintecs has filed suits in Singapore against RedotPay associates, with hearings set for Friday. RedotPay previously targeted an IPO valued at $4 billion, citing $14 billion in annual payments, $180 million in revenue, and over 8 million users.