Binance affiliates Nest Trading, Distributed Technologies and Chaintecs Consulting are suing RedotPay's three co-founders in Hong Kong, 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, Bloomberg reported. Binance estimates $472.8mn in losses, based on an assumed $925 lifetime value per customer.
Binance Sues RedotPay Founders over $470mn in Diverted Users: Bloomberg
5 August 2026 - 12:20 UTC
By Stu Clelland
It is the second time the same allegation has surfaced: an earlier tie-up between the two firms collapsed within six months in 2023 over identical claims, before they struck a fresh agreement in 2025 promising to keep funds separate. The suit lands as RedotPay pursues a US listing at a potential $4bn valuation.
RedotPay said it would "vigorously defend all claims" and that the case would not affect day-to-day operations. Binance's Chaintecs has filed a parallel suit in Singapore, with a hearing set for Friday.
