Binance-affiliated companies have filed a lawsuit against crypto payments platform RedotPay and its co-founders in a Hong Kong court, seeking $472.8 million in damages over allegations that the company breached a commercial agreement involving more than 470,000 users.

According to Bloomberg, citing a Hong Kong court filing, the plaintiffs — Binance-affiliated entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore — allege that RedotPay diverted customers and violated terms governing the use of Binance Pay funds.

The commercial relationship between RedotPay and the Binance-affiliated companies began in November 2023. According to Bloomberg, the parties signed a revised agreement in March 2025 that required Binance Pay funds to remain segregated. However, the lawsuit alleges that RedotPay continued allowing Binance Pay balances to be used for RedotPay card top-ups outside the agreed-upon terms.

The case gained wider public attention before RedotPay issued a formal response, after crypto journalist Wu Blockchain shared details from the Hong Kong court filing on X (formerly Twitter), highlighting the allegations that "more than 470,000 customers" were diverted and that the plaintiffs were seeking "$472.8 million in damages."

Binance Sues Largest Crypto Card Company RedotPay, Alleges User Diversion and Seeks $472.8 Million

According to Bloomberg, Binance-affiliated entities Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed a lawsuit in Hong Kong against RedotPay… pic.twitter.com/o9MFy7zkEE

— Wu Blockchain (@WuBlockchain) August 5, 2026

RedotPay denied the allegations in an official statement titled "Building with Confidence." The company stated that the legal proceedings "have no impact on our day-to-day operations now or in the future" and added that it is "vigorously defending all claims." As the matter is currently before the court, RedotPay said it would not comment further on the specifics of the allegations.

The lawsuit follows Binance's decision to discontinue Binance Pay support for RedotPay in April 2026 as part of a broader review of merchant partners. Binance did not publicly link that decision to the current legal action, though it represented a further step in the deteriorating relationship between the two companies. For crypto payment providers that rely on exchange-linked rails, the dispute underscores how commercial terms around fund segregation, customer routing, and partner access can become central to ongoing platform relationships once those agreements are challenged.

Related proceedings are also underway in Singapore. The outcome of the case could have implications for how future commercial partnerships between cryptocurrency exchanges and third-party payment providers are structured and governed.