RedotPay to Vigorously Fight Back Against Binance's Lawsuit

Binance alleges RedotPay diverted 470,000 users, resulting in substantial financial damages.

RedotPay, a prominent issuer of stablecoin payment cards, has announced its intent to vigorously contest a lawsuit initiated by Binance, which claims the firm redirected approximately 470,000 users away from its platform, resulting in damages of nearly $473 million.

In a statement, RedotPay expressed its commitment to defending itself against what it deems unfounded allegations, asserting, “The company is aware of the legal actions initiated by Binance and will vigorously defend against all claims.” The firm categorically rejects Binance's assertions and emphasizes its integrity.

The lawsuit, lodged by Binance affiliates against RedotPay's founders in Hong Kong, accuses the company of misappropriating funds from Binance Pay to recharge its own prepaid cards, violating their contractual agreements. Binance claims that it uncovered these activities in March 2026.

A Binance representative indicated that while the firm does not comment on ongoing litigation, it is determined to pursue its case through appropriate legal channels. Furthermore, Binance's Chaintecs has also initiated a separate legal action against RedotPay affiliates in Singapore, with a hearing set to occur soon.

Both companies had established a commercial partnership in November 2023, which was short-lived due to allegations of financial misconduct. A subsequent agreement in March 2025 aimed to restrict the use of Binance funds for specific transactions, but this arrangement was terminated in April 2026 as part of Binance's review of its merchant partners.