Binance Denies Withdrawal of Singapore Case Against RedotPay

Binance has denied claims that it will withdraw its case against RedotPay in Singapore, despite conflicting statements from both parties.

The dispute centers around a commercial relationship between the two companies, which dates back to RedotPay's early expansion as a crypto payments provider. In December 2023, RedotPay integrated with Binance Pay, allowing Binance users to deposit funds directly into RedotPay cards.

The Hong Kong plaintiffs claim that RedotPay allowed Binance Pay funds to be used to top up RedotPay stablecoin payment cards, even though such use fell outside the permitted terms of their arrangement. They calculated the resulting damages at about $472.8 million by assigning an estimated lifetime value of $925 to each affected customer.

Binance has rejected these accusations and maintains that its claims remain active in Singapore. RedotPay, on the other hand, expects the case to be discontinued and plans to seek legal costs from Binance.