Binance sues RedotPay for $473 million over alleged user poaching
Companies affiliated with Binance have filed a lawsuit against Hong Kong-based crypto payments provider RedotPay, accusing it of breaching a commercial agreement and poaching more than 470,000 Binance Card users. The lawsuit seeks nearly $473 million in damages.
According to Bloomberg, citing court filings, the plaintiffs argue that RedotPay's actions helped increase the company's valuation ahead of a potential initial public offering (IPO).
Alleged breach of commercial agreement
The lawsuit was filed by Binance-affiliated companies Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore. The defendants are RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao.
According to Binance, RedotPay allowed users to fund its payment cards through Binance Pay outside the scope of the parties' commercial agreement. The plaintiffs claim the practice enabled RedotPay to attract more than 470,000 Binance Card users.
Binance estimates its damages at $472.8 million, based on an estimated lifetime customer value of $925 per user.
In addition to the Hong Kong case, Chaintecs Consulting Singapore has filed a separate lawsuit in Singapore. The first hearing in that case is scheduled for Friday.
RedotPay rejects the claims
RedotPay said it considers the allegations unfounded and intends to vigorously defend its position in court.
The company added that the legal dispute will not affect its day-to-day operations. According to RedotPay, its user base has grown by more than 33% over the past six months, surpassing 8 million customers. The company also reported annual revenue of about $180 million and annual payment volume of approximately $14 billion.
Binance declined to comment on the details of the litigation, saying only that it would use legal remedies where necessary to protect its interests.
The partnership between Binance Pay and RedotPay was announced in December 2023. However, in April 2026, Binance discontinued support for RedotPay services on its platform as part of a broader review of its merchant partnerships.
The lawsuit comes as Binance continues to expand its product lineup. On Aug. 4, the exchange launched European-style gold and silver options settled in USDT, allowing users to trade commodity derivatives directly on the platform without additional apps or wallets.
Earlier, users in several European Union countries reported that the Binance app had disappeared from the Google Play store.
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