Binance and RedotPay are in disagreement over the future of a Singapore lawsuit concerning a $473 million legal dispute. RedotPay expects Binance to drop the case, while Binance states its claims remain active.
The conflicting statements highlight ongoing legal tensions between major crypto players, potentially impacting user trust and the operational landscape for payment services within the digital asset ecosystem.
Binance and RedotPay are engaged in a dispute over whether a Singaporean lawsuit, stemming from a larger legal battle concerning approximately $473 million, will be concluded. RedotPay indicated on Tuesday that it anticipates Binance will cease the Singapore proceedings following a hearing scheduled for August 7. A RedotPay spokesperson stated the company would seek legal costs from the claimant if the matter is discontinued. However, Binance has refuted these expectations, asserting that reports of withdrawal are false and that the company is actively pursuing its claims, having informed both the court and RedotPay of this stance.
The disagreement is the latest development in an ongoing legal conflict between companies affiliated with Binance and RedotPay. This broader fight includes a separate Hong Kong case where Binance-affiliated entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore are seeking nearly $473 million in damages. The Hong Kong plaintiffs allege that RedotPay diverted over 470,000 Binance Card users by enabling the use of Binance Pay funds for stablecoin card top-ups, an action they claim violated a commercial agreement. They estimated the damages based on a lifetime customer value of $925 per user.
Chaintecs also initiated related legal actions against RedotPay affiliates in Singapore. RedotPay has previously rejected these allegations as unfounded and stated its intention to defend against the claims. The company announced a Binance Pay partnership in December 2023, which allowed direct deposits to RedotPay cards. Binance subsequently ended support for this integration in April 2024, citing a review of its merchant partners, several months before the legal dispute became public.