Binance-affiliated entities have filed a nearly $470 million lawsuit accusing RedotPay of diverting their users.
2026.08.05 19:09:20
According to Bloomberg, Binance-affiliated entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore have jointly filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao, accusing the trio of breaching agreements by diverting over 470,000 users from Binance Card to RedotPay and claiming $472.8 million in damages. Separately, Binance-related entity Chaintecs has also initiated a lawsuit against a RedotPay affiliate in Singapore, with a hearing scheduled for Friday. RedotPay previously sought an initial public offering (IPO) at a valuation of around $4 billion; the company states it currently has $14 billion in annualized payment volume, $180 million in annualized revenue, and over 8 million users.
The Securities and Futures Commission (SFC) of Hong Kong has added Finanx AI to its list of unlicensed companies, as the firm is suspected of promoting tokens to investors.
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