Binance and RedotPay dispute whether Singapore lawsuit will be dropped amid nearly $473 million Hong Kong case

Binance and RedotPay are now arguing over whether a Singapore proceeding tied to their broader legal fight is being wound down. For high-risk PSPs, the important part is simple: the dispute spans multiple jurisdictions, involves a card and stablecoin payment flow, and is already attached to a claimed $472.8 million in damages.

1. RedotPay told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings after an Aug. 7 hearing. The company said it will seek legal costs from the claimant if the matter is discontinued, while the two sides try to agree on costs.
2. Binance rejected that reading. A Binance spokesperson said reports that it will withdraw its Singapore claims are false, and that the company “is not abandoning its claims” and has informed both the court and RedotPay accordingly.
3. The Singapore dispute is part of a broader legal fight that also includes a separate Hong Kong case seeking nearly $473 million in damages. The Hong Kong plaintiffs are Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore, which filed a petition against RedotPay’s co-founders on Aug. 5, according to Bloomberg’s reporting cited in the article.
4. The Hong Kong plaintiffs allege that RedotPay diverted more than 470,000 Binance Card users by allowing Binance Pay funds to be used for stablecoin card top-ups outside the terms of a commercial agreement. They estimated damages at $472.8 million, using a claimed lifetime customer value of $925 per user.
5. Chaintecs also brought related proceedings against RedotPay affiliates in Singapore, where the hearing was scheduled for Aug. 7. RedotPay previously called the allegations “unfounded” and said it would defend the claims through the legal process.

One more detail matters for payment teams: RedotPay announced its Binance Pay partnership in December 2023, allowing Binance Pay users to make direct deposits to RedotPay cards. Binance ended support for the integration on April 3, 2026, citing a review of merchant partners, months before the dispute became public.