RedotPay, which describes itself as the biggest stablecoin payment card provider in the world, told CoinDesk on Wednesday that it will “vigorously” defend itself against a $470 million Binance lawsuit that claims it stole 470,000 customers.
In an email statement, the company stated, “RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims.” “The company denies the baseless accusations made against it and its co-founders.”
According to a Bloomberg report, Binance affiliates filed a lawsuit against the founders of the stablecoin payments company based in Hong Kong, claiming that they used a scheme to divert nearly half a million Binance users to the rival platform, resulting in losses of almost $473 million.
According to Binance’s complaint, which was seen by Bloomberg, “since March 2026, the Binance Group has discovered that RedotPay Group had been allowing and encouraging Binance Pay funds to be used, without segregation, for the prohibited use within RedotPay, including card top-ups for RedotPay Card.”
A representative for Binance emailed CoinDesk, “We will use courts and other forums to pursue what is right when necessary, even though we do not comment on ongoing litigation.”
Additionally, Chaintecs of Binance has sued RedotPay affiliates in Singapore. The Singapore Courts’ hearing list indicates that a hearing is set for this Friday.
According to Bloomberg, which referenced the filing, Binance and RedotPay first signed a commercial deal in November 2023. RedotPay wants to raise over $1 billion in a U.S. initial public offering (IPO) at a possible $4 billion value. Less than six months later, Binance claimed its money had been used to top off RedotPay’s prepaid cards, leading to the termination of that relationship.
In March 2025, a second agreement was reached that mandated the segregation of Binance finances. Customers of Binance could utilize Binance Pay funds on RedotPay to purchase RedotPay-branded products, conduct in-app transactions, and convert cryptocurrency to fiat money under that arrangement, but not to top up RedotPay cards.
Additionally, it made Binance’s payment services accessible throughout its network and granted RedotPay access to Binance users. In April 2026, Binance terminated its contract with RedotPay, citing simply their merchant partner review as justification.
NEW: Binance affiliates are suing RedotPay’s founders in Hong Kong, alleging they diverted more than 470,000 customers from Binance Card to a competing product in a “fraudulent scheme,” Bloomberg reports.
Binance is reportedly seeking about $473 million in damages. RedotPay said… pic.twitter.com/xX4mYRH4YJ
— The Block (@TheBlockCo) August 5, 2026
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