Binance affiliates sue RedotPay co-founders for $473M

A lawsuit seeking nearly $473 million in damages has been filed in Hong Kong by Binance-affiliated entities against the co-founders of cryptocurrency payments firm RedotPay. The legal action, filed on August 5, 2026, alleges that RedotPay orchestrated a scheme that diverted more than 470,000 users away from the Binance Card platform, causing significant financial harm.

The plaintiffs, identified as Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore, claim that RedotPay's co-founders-Gao Zhangpeng, Chan Wa Choi, and Yao Chao-facilitated unauthorized funding of RedotPay stablecoin payment cards using Binance Pay. According to the court filing, this activity fell outside the scope of a commercial agreement between the parties and resulted in the alleged diversion of customers. The damages claim of approximately $472.8 million is calculated based on an estimated lifetime customer value of $925 per user multiplied by the number of users allegedly diverted.

In response, RedotPay has publicly denied the allegations. The Hong Kong-based company stated that the lawsuit will not affect its operations and that it intends to contest the claims vigorously through legal...