Three Binance-affiliated companies have filed a petition in Hong Kong against the founders of stablecoin payments firm RedotPay, seeking $472.8 million in damages. Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore accuse co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao of breaching a commercial agreement and steering Binance users toward RedotPay’s card platform. The claims remain allegations and have not been resolved by the court.
The plaintiffs say more than 470,000 Binance Card users were diverted after RedotPay allowed Binance Pay funds to be used for stablecoin card top-ups outside the partnership’s agreed scope. The dispute centers on how customer funds and payment access were used, rather than on a claim that RedotPay’s cards or stablecoins failed technically.
Commercial Agreement Becomes the Core of the Case
The companies first worked together under an agreement reached in November 2023, but that arrangement ended within six months after similar concerns over Binance Pay-funded card loads. A new agreement was signed in March 2025 with assurances that Binance-related funds would remain segregated. Binance alleges that RedotPay later permitted the same disputed activity to resume, including direct top-ups of RedotPay cards.
Under the later agreement, Binance customers could use funds through RedotPay for crypto-to-fiat conversions, in-app transfers and purchases of RedotPay-branded products. The petition claims approximately $304 million moved from Binance Pay into RedotPay through the broader relationship. Whether those flows violated the contract is now a central legal question, not an established fact.
The requested damages are based on an estimated lifetime customer value of $925 for each allegedly diverted user. That methodology reflects the plaintiffs’ valuation model rather than a court-determined loss, and RedotPay may challenge both the number of affected customers and the economic assumptions behind the claim.
RedotPay Rejects Claims as Parallel Case Advances
RedotPay has denied wrongdoing and said it will vigorously defend the proceedings. In an August 5 statement, the company said the litigation would not affect its present or future operations and declined further comment while the matter remains before the courts. Its response contests the allegations without addressing the contractual details publicly.
The dispute arrives as RedotPay considers a possible U.S. initial public offering that could value the company at about $4 billion. RedotPay says it now serves more than 8 million users, processes $14 billion in annualized payment volume and generates approximately $180 million in annualized revenue. Those figures are company disclosures and do not establish the outcome of the litigation.
Chaintecs has also filed related proceedings against RedotPay affiliates in Singapore, where a hearing is scheduled for August 7. The parallel cases broaden the dispute across two jurisdictions, although no ruling has yet established liability, damages or operational restrictions.
The litigation could influence how exchanges and payment-card providers structure access to user bases, funding channels and data-sharing arrangements. For now, the case remains a contractual contest over alleged customer diversion, with both the claimed losses and RedotPay’s responsibility still subject to judicial review.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
Her work is direct and evidence-led. Emma is less interested in legal theatre than in practical consequences: what changed, who is affected, which risks are real and where the market may be overreacting. She brings a steady voice to complex stories, especially when regulation, infrastructure and global markets start pulling in the same direction.