Bloomberg: Binance Sues RedotPay for $472.8 Million Claims, Accusing it of Diverting Illegal Users

According to Bloomberg, Binance related entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore have filed lawsuits against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao in Hong Kong, accusing the three of violating the agreement and diverting more than 470,000 users from Binance Card to RedotPay claims losses of $472.8 million. Binance said it was discovered that RedotPay has been allowing Binance Pay funds to be used to recharge RedotPay cards without being quarantined since March 2026, and that the partnership has enabled RedotPay to receive approximately $304 million in user funds from Binance Pay. RedotPay responded that it will actively defend all allegations without affecting the company's day-to-day operations.

Additionally, Binance's affiliate Chaintecs has also filed a lawsuit against RedotPay affiliates in Singapore, and a hearing is scheduled to be held on Friday. RedotPay previously sought an IPO valued at around $4 billion. The company said it currently has an annualized payment volume of $14 billion, annual revenue of $180 million, and more than 8 million users.

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