Binance and stablecoin payments provider RedotPay are giving conflicting accounts of whether related Singapore proceedings are being discontinued, adding uncertainty to a wider Hong Kong dispute involving nearly $473 million in claimed damages.
RedotPay said it expects the Singapore proceedings to be discontinued following an Aug. 7 hearing and plans to seek reimbursement of its legal costs from the claimant. The company said the parties would first attempt to agree on the amount of those costs.
Binance rejected that interpretation. The exchange said reports that it was withdrawing its Singapore claims were false and that it had informed both the court and RedotPay that it was not abandoning them. The conflicting statements leave the procedural status unclear until the Singapore court record confirms the position.
The Singapore action was brought by Binance-linked Chaintecs Consulting Singapore against RedotPay affiliates and forms part of a wider commercial dispute connected to the companies' former payments partnership. The larger Hong Kong case became public on Aug. 5, when Binance-affiliated entities were reported to have filed a petition against RedotPay's co-founders.
The plaintiffs accuse RedotPay of improperly diverting more than 470,000 Binance Card users toward its own stablecoin payment card business. They allege that Binance Pay funds were used for card top-ups outside the permitted scope of a March 2025 agreement, moving about $304 million into RedotPay's ecosystem. The damages claim of about $472.8 million is based on an estimated lifetime customer value of $925 per user.
RedotPay has rejected the allegations as unfounded and said it intends to defend itself. The commercial relationship began with a Binance Pay integration announced in December 2023, and Binance later stopped supporting RedotPay through Binance Pay effective April 3, 2026, after a review of merchant partners.
The dispute arrives during rapid expansion for RedotPay. The Hong Kong-based company has grown to more than 8 million users, annualized payment volume of roughly $14 billion, and annualized revenue of about $180 million. It raised $194 million in 2025, including a $107 million Series B round, and has been exploring a potential U.S. initial public offering at a valuation above $4 billion.
The case may influence how courts treat customer ownership, acquisition value, and contractual boundaries when crypto exchanges connect users to outside payment platforms.
