RedotPay and Binance dispute continuation of Singapore legal proceedings
As a $473 million lawsuit unfolds, RedotPay anticipates Binance will withdraw its Singapore litigation, though Binance maintains its legal claims continue.
RedotPay and Binance are in disagreement over the status of Singapore legal proceedings connected to their approximately $473 million litigation battle taking place in Hong Kong.
On Tuesday, the payments card issuer specializing in stablecoins informed Cointelegraph that it anticipates Binance will withdraw from the Singapore case after an Aug. 7 hearing took place. A representative from RedotPay stated that "RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant," noting that both sides would attempt to reach an agreement regarding costs.
Binance, on the other hand, stated it has no intention of withdrawing its legal claims. A representative for Binance told Cointelegraph that "Reports that Binance will be withdrawing its Singapore claims are false," further stating that the exchange "is not abandoning its claims and has informed both the court and RedotPay accordingly."
This disagreement represents the most recent chapter in an extensive legal confrontation between entities affiliated with Binance and RedotPay, which encompasses a distinct Hong Kong lawsuit demanding close to $473 million in damages.
Singapore case part of broader legal fight
Legal proceedings tied to Binance against RedotPay initially garnered public attention on Aug. 5, following a Bloomberg report revealing that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore had submitted a legal petition in Hong Kong targeting RedotPay's co-founders.
According to the Hong Kong plaintiffs' allegations, RedotPay redirected in excess of 470,000 users of Binance Card by permitting Binance Pay funds to be utilized for topping up stablecoin cards beyond what was permitted under the terms of their commercial agreement. The plaintiffs calculated damages at $472.8 million, which was determined using a claimed lifetime customer value of $925 for each user.
Chaintecs additionally initiated related legal proceedings targeting RedotPay affiliates in Singapore, with a hearing scheduled to occur on Aug. 7.
At that time, RedotPay dismissed what it characterized as "unfounded allegations" leveled against both the company and its co-founders, informing Cointelegraph that it intended to defend against the claims throughout the legal process.
In December 2023, RedotPay made public its partnership with Binance Pay, which enabled Binance Pay users to conduct direct deposits to their RedotPay cards. As of April 3, 2026, Binance terminated support for this integration, referencing a review of its merchant partners, which occurred months prior to the legal dispute becoming publicly known.