Binance, RedotPay Clash Over Singapore Case Ending
RedotPay expects Binance to drop Singapore proceedings after an Aug. 7 hearing and will seek legal costs; Binance says it will not withdraw its claims.
Binance and RedotPay disagree about whether a Singapore lawsuit tied to a larger Hong Kong claim will end after a hearing on Aug. 7. RedotPay expects Binance to discontinue the Singapore proceedings and intends to recover legal costs if that happens. A RedotPay spokesperson said the parties would try to agree on costs.
Binance has rejected reports that it will withdraw its Singapore claims, calling them ‘false’ and saying it is ‘not abandoning its claims and has informed both the court and RedotPay accordingly.’
The dispute is part of a separate petition filed in Hong Kong on Aug. 5 by companies identified in court filings as Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore. The Hong Kong action alleges RedotPay diverted more than 470,000 Binance Card users by allowing Binance Pay funds to be used for stablecoin card top-ups outside the terms of a commercial agreement. The plaintiffs seek about $472.8 million in damages, a figure based on an asserted lifetime customer value of $925 per user.
Chaintecs also initiated related proceedings in Singapore, where the Aug. 7 hearing was scheduled. RedotPay has rejected the allegations against the company and its co‑founders and said it will defend the claims through the legal process.
The two companies began a commercial relationship in December 2023, when RedotPay announced a partnership that allowed Binance Pay users to deposit directly to RedotPay cards. Binance ended support for that integration on April 3, 2026, citing a review of its merchant partners. The integration was discontinued several months before the legal disputes became public.
If Binance discontinues the Singapore proceedings, RedotPay plans to seek recovery of legal costs from the claimant in that jurisdiction and said it would try to reach an agreement on costs. Binance has informed the court and RedotPay it will continue to pursue its claims, leaving the outcome of the Aug. 7 hearing and any related cost discussions unresolved.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
