Binance affiliates have filed a lawsuit against RedotPay’s co-founders in Hong Kong, alleging the payments firm diverted hundreds of thousands of users to a competing product and caused close to $470 million in losses.
The petition names Binance Holdings-linked entities Nest Trading Ltd., DistributedTechnologies Ltd. and Chaintecs Consulting Singapore Pte as plaintiffs against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao, according to a court document obtained by Bloomberg News. The filing accuses the three of breaching an agreement signed last year in what Binance’s affiliates call a fraudulent scheme.
The Diversion Allegations Behind the $470 Million Claim
According to the court document reviewed by Bloomberg News, the dispute traces back to an agreement connecting Binance’s user base with RedotPay’s payment card network. Binance’s affiliates allege RedotPay’s founders used that arrangement to route customers toward RedotPay’s own product instead of keeping them within the deal’s agreed scope.
A related hearing is scheduled for August 7, 2026, in Singapore, where a case captioned Chaintecs Consulting Singapore Pte. Ltd. v Redotpay Technology Pte Ltd & 3 Ors is set for a case conference before Assistant Registrar Rajaram Vikram Raja, according to the Singapore judiciary’s hearing list.
Court records for that hearing list Red Dot Technology Limited and Red Dot Trust Limited as applicants, with Redotpay Technology Pte. Ltd., Chaintecs Consulting Singapore Pte. Ltd. and Red F. Technology Limited named as respondents, in a matter filed as HC/OC 430/2026 and categorized as passing off.
Where This Leaves Binance and RedotPay Users
For the users caught in the middle, the case does not change how existing Binance or RedotPay accounts function today, though it adds legal uncertainty to a partnership that once linked the two platforms’ payment rails.
The dispute is part of a broader pattern of exchange partner conflicts making their way through court, one that our latest crypto news page has tracked as it unfolds.
The August 7 Hearing in Singapore
The next confirmed date in the matter is the case conference set for August 7, 2026, at 11:30 AM in Chamber 2-2 of Singapore’s Supreme Court. The Hong Kong petition does not yet carry a published hearing date in the material reviewed for this report, making the Singapore case conference the nearest marker to watch.
What this means for you: If you use Binance Pay, a Binance-linked card, or a RedotPay card, this lawsuit does not currently change your ability to use either service. It does show that Binance will pursue litigation over partner conduct it views as a breach of contract, worth noting if you rely on payment products built on an exchange’s rails. Treat the allegations as unproven claims in an active case, and watch for official statements rather than secondhand commentary.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
