Binance Disputes Singapore Case Discontinuation as RedotPay Seeks Costs

Binance and RedotPay are locked in a dispute over whether Singapore proceedings tied to their nearly $473 million legal battle will continue or be discontinued. The stablecoin payments provider, RedotPay, expects the case to end, with its spokesperson saying it would seek legal costs arising from the discontinuance of the matter from Binance.

However, a Binance spokesperson rejected this characterization, stating that 'Reports that Binance will be withdrawing its Singapore claims are false.' The exchange said it is not abandoning its claims and has informed both the court and RedotPay accordingly.

The dispute centers on whether RedotPay's card top-up functionality exceeded the permitted terms of a commercial agreement between the companies. The arrangement allowed Binance Pay users to make direct deposits to RedotPay cards, which used stablecoins and other digital assets to provide card spending and transfer services.