Binance Sues RedotPay for $473 Million in Losses

Binance filed a lawsuit in Hong Kong against RedotPay and its founders, alleging the stablecoin payment card issuer poached approximately 470,000 customers and caused nearly $473 million in losses. The crypto exchange claims RedotPay improperly allowed users to use Binance Pay funds to top up RedotPay prepaid cards, which violated contractual agreements requiring the segregation of funds.

The legal action follows two commercial agreements between the companies that began in November 2023 and March 2025. The second agreement concluded in April 2026. In a separate legal move, Binance affiliate Chaintecs filed a suit against RedotPay affiliates in Singapore, with a hearing scheduled for Friday.

RedotPay rejected the allegations as unfounded and stated it will defend itself vigorously against the claims.