Binance Denies Plans to Drop RedotPay Case in Singapore

Binance and RedotPay are disputing whether or not a Singapore case associated to their practically $473 million Hong Kong authorized battle is coming to an finish.

The stablecoin funds card issuer instructed Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a listening to on Aug. 7. “RedotPay shall be in search of authorized prices arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay stated, including that the events would strive to agree on prices.

Nonetheless, Binance stated it has no plans to abandon its claims. “Reviews that Binance shall be withdrawing its Singapore claims are false,” a Binance spokesperson instructed Cointelegraph, including that the corporate “isn’t abandoning its claims and has knowledgeable each the courtroom and RedotPay accordingly.”

The disagreement marks the newest growth in a broader authorized battle between Binance-affiliated companies and RedotPay, which features a separate Hong Kong case in search of practically $473 million in damages.

Singapore case a part of broader authorized battle

Binance-linked authorized motion towards RedotPay first made headlines on Aug. 5, when Bloomberg reported that Nest Buying and selling, DistributedTechnologies and Chaintecs Consulting Singapore had filed a petition in Hong Kong towards RedotPay’s co-founders.

The Hong Kong plaintiffs allege RedotPay diverted greater than 470,000 Binance Card customers by permitting Binance Pay funds to be used for stablecoin card top-ups outdoors the phrases of a business settlement. They estimated damages at $472.8 million, based mostly on a claimed lifetime buyer worth of $925 per person.

Chaintecs additionally introduced associated proceedings towards RedotPay associates in Singapore, the place a listening to was scheduled for Aug. 7.

RedotPay rejected what it known as “unfounded allegations” towards the corporate and its co-founders on the time, telling Cointelegraph it might defend the claims via the authorized course of.

RedotPay announced its Binance Pay partnership in December 2023, permitting Binance Pay customers to make direct deposits to RedotPay playing cards. Binance ended assist for the combination as of April 3, 2026, citing a evaluate of its service provider companions, months earlier than the authorized dispute grew to become public.

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