Binance Affiliates Sue RedotPay Co-Founders Over $470M Losses
Binance affiliates have filed a lawsuit against RedotPay's co-founders in Hong Kong, alleging they diverted hundreds of thousands of users to a competing product and caused nearly $470 million in losses.
The petition names Binance Holdings-linked entities Nest Trading Ltd., DistributedTechnologies Ltd. and Chaintecs Consulting Singapore Pte as plaintiffs against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao.
The dispute traces back to an agreement connecting Binance's user base with RedotPay's payment card network. Binance's affiliates allege RedotPay's founders used that arrangement to route customers toward RedotPay's own product instead of keeping them within the deal's agreed scope.
A related hearing is scheduled for August 7, 2026, in Singapore, where a case captioned Chaintecs Consulting Singapore Pte. Ltd. v Redotpay Technology Pte Ltd & 3 Ors is set for a case conference before Assistant Registrar Rajaram Vikram Raja.