Binance Seeks $472.8M from RedotPay Over Alleged Breach of Partnership Agreement

Binance affiliates are seeking $472.8 million in damages from RedotPay founders over allegations of breaching a partnership agreement.

The suit, filed in a Hong Kong court, claims that hundreds of thousands of users and hundreds of millions of dollars in funds were diverted from Binance's card program to RedotPay. The alleged breach occurred when RedotPay allowed users to top up their cards directly with Binance Pay funds without properly segregating the money.

This is not the first time the two companies have clashed over this issue. Their initial agreement, struck in November 2023, collapsed within six months due to similar allegations. A new deal was reached in March 2025 with assurances that customer funds would stay segregated, but Binance now claims these promises were ignored.

The dispute has significant implications for RedotPay's planned US IPO of over $1 billion. The company has denied the allegations and maintains that operations remain unaffected.