(Updated with a response from Binance.)
Binance affiliate Chaintecs Consulting dropped its case against RedotPay on 7 Aug 2026, according to a RedotPay spokesperson, who told Sandmark, "We understand that the Claimant intends to discontinue the Singapore Court proceedings against RedotPay."
Chaintecs Consulting, along with two other Binance affiliates, Nest Trading and Distributed Technologies, has also bought a parallel case against RedotPay in Hong Kong. That case continues.
Binance has denied withdrawing the case, saying the "reports... are false", adding it "is not abandoning its claims and has informed both the court and RedotPay accordingly." However, RedotPay continue to insist that its original statement was correct and that the next stage in the process would be the allocation of costs.
The legal action is against RedotPay's three co-founders, alleging the Hong Kong-based crypto payments firm diverted more than 470,000 customers to its own card by letting Binance Pay funds top up RedotPay cards outside the terms of their agreement. Binance estimated the losses at $472.8mn, based on an assumed $925 lifetime value per customer.
RedotPay is planning a US listing in late 2026 or early 2027 at a potential $4bn valuation.
Regarding the Singapore case, the spokesperson added that RedotPay will seek legal costs: "The parties will try to reach agreement on the costs payable."
