Binance and RedotPay are giving very different accounts of what is happening in a legal dispute tied to claims worth nearly $473 million.
The disagreement centers on court proceedings in Singapore. RedotPay says it expects the case to be discontinued following an Aug. 7 hearing and plans to seek legal costs from the claimant. Binance, however, strongly rejects that claim and says it is not dropping the case.
According to Binance, reports suggesting it will withdraw its Singapore claims are incorrect. The company stated that it has already informed both the court and RedotPay that it intends to continue pursuing its claims.
The Singapore proceedings are connected to a larger lawsuit in Hong Kong, where Binance-linked companies are seeking about $472.8 million in damages from RedotPay and its co-founders.
At the center of the dispute is Binance Pay, Binance’s payment platform. Binance-affiliated companies allege that RedotPay allowed Binance Pay funds to be used for stablecoin card top-ups in ways that went beyond the terms of their business agreement.
The plaintiffs claim this activity encouraged more than 470,000 Binance Card users to move toward RedotPay’s services, causing significant financial losses. They estimate damages at roughly $472.8 million.
RedotPay has denied the allegations and described the claims as unfounded. The company says it will defend itself through the legal process.
The business relationship between the two companies dates back to late 2023, when RedotPay integrated Binance Pay to allow users to fund RedotPay cards directly from Binance accounts. Binance later ended support for RedotPay through Binance Pay in April 2026 after reviewing its merchant partnerships.
Despite the legal dispute, RedotPay has continued to grow rapidly. The company has attracted major investors, expanded its payment services, and has reportedly explored a potential U.S. public listing that could value the firm at more than $4 billion.
For now, the key disagreement remains unresolved. RedotPay expects the Singapore proceedings to be discontinued, while Binance insists its claims remain active and that the legal fight is far from over.
