Binance Refuses to Drop Singapore Lawsuit Against RedotPay

Diverging Statements Over Case Dismissal

Binance and RedotPay are offering conflicting statements regarding the future of Singapore litigation that stems from their broader legal dispute worth approximately $473 million. RedotPay informed Cointelegraph that it anticipates Binance will discontinue its Singapore proceedings following a court hearing on August 7, and stated it intends to seek legal expenses from Binance related to the case’s conclusion. According to RedotPay’s representative, the parties would attempt to reach agreement on the amount of recoverable costs. Binance, however, directly refuted these claims, telling Cointelegraph that reports of its withdrawal are false and asserting that it remains committed to its claims while having formally notified both the court and RedotPay of this position.

The Broader $472.8 Million Hong Kong Case

This Singapore dispute represents the latest escalation in a prolonged legal conflict between Binance-affiliated entities and RedotPay. The broader controversy involves a separate Hong Kong legal proceeding where Binance-linked parties are pursuing substantial damages. According to Bloomberg, as reported by Cointelegraph on August 5, Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed a petition in Hong Kong against RedotPay’s co-founders. The Hong Kong plaintiffs contended that RedotPay improperly diverted more than 470,000 Binance Card users by permitting Binance Pay funds to finance stablecoin card top-ups in violation of their commercial arrangement. Based on an estimated per-user lifetime value of $925, the claimants sought approximately $472.8 million in damages. Chaintecs simultaneously filed related proceedings against RedotPay affiliates in Singapore, culminating in the August 7 hearing that now sits at the center of the current disagreement.

Integration and Fallout

The partnership between the two firms began in December 2023 when RedotPay, a stablecoin payments card issuer, announced its Binance Pay integration. The arrangement enabled Binance Pay users to make direct deposits to their RedotPay cards, initially appearing as a mutually beneficial partnership. Binance discontinued support for this integration on April 3, 2026, citing a review of its merchant partners—several months before the legal dispute became public. RedotPay has rejected the allegations as unfounded and stated it would defend against the claims through legal proceedings.

This dispute demonstrates the significant legal and financial risks that emerge when major crypto platforms integrate with third-party payment services and how partnership disagreements can rapidly escalate into nine-figure litigation within the crypto industry.

Source: Cointelegraph. Not financial advice.