Binance affiliates Nest Trading, Distributed Technologies Ltd., and Chaintecs Consulting Singapore have sued RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao for roughly $473 million. The lawsuit, filed in Hong Kong, alleges that RedotPay improperly diverted more than 470,000 users from Binance Card by letting them fund RedotPay payment cards through Binance Pay — outside the terms of their commercial agreement.
The $473 million claim
The plaintiffs calculated damages using a lifetime customer value of $925 per allegedly diverted user. That math yields the $473 million figure. The lawsuit is the latest sign of tension between the two companies, which had a commercial partnership that Binance ended months ago.
RedotPay's IPO ambitions
RedotPay, a Hong Kong-based stablecoin payments firm, has been expanding rapidly. It raised $194 million in two funding rounds last year, with backing from Coinbase Ventures, Circle Ventures, and Blockchain Capital. The company was in talks to raise as much as $150 million more, targeting a US IPO that could value the business above $4 billion. JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group were advising on a potential New York listing that could come as early as this year.
Binance cuts ties
Binance ended its support for RedotPay months ago. Binance Pay features on the RedotPay platform were discontinued from April 3, 2026, as part of a review of merchant partners. The timing of the lawsuit — as RedotPay prepares for a possible public listing — isn't great for the payments firm.
Chaintecs Consulting Singapore has also brought a related case in Singapore, with a hearing scheduled for Friday. That hearing could provide more clarity on the scope of the dispute. Meanwhile, RedotPay's annualized total payment volume crossed $10 billion in December 2025, and its full-year volume increased 300% year-over-year — numbers that may be tested by the legal battle.
