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Binance Accuses RedotPay of Diverting 470,000 Card Users in Hong Kong Legal Filing
CryptoNews3 min readAI-assisted

Binance Accuses RedotPay of Diverting 470,000 Card Users in Hong Kong Legal Filing

Binance-affiliated entities have filed a Hong Kong petition against RedotPay's founders, alleging the payment startup used its Binance partnership to divert

August 7, 2026Source: cryptoslate.com ↗

Binance-affiliated entities have filed a petition in Hong Kong against the founders of RedotPay, alleging the payment startup exploited its partnership with Binance to divert more than 470,000 Binance Card customers to its own competing stablecoin card.

According to Bloomberg News, Binance claims $472.8 million in losses from the alleged diversion, a figure built on an estimated $925 lifetime value per customer. Binance also alleges that RedotPay received roughly $304 million in user funds that were routed through Binance Pay.

RedotPay has denied the allegations and stated that the legal case will not affect its day-to-day operations.

RedotPay's Current Scale

  • RedotPay says it now serves more than 8 million users.
  • The company reports processing roughly $14 billion in annualized payment volume.
  • Binance alleges RedotPay received about $304 million in user funds via Binance Pay.
  • Binance's claimed losses total $472.8 million, based on an estimated $925 lifetime value per diverted customer.

The dispute centers on the terms of the partnership between the two companies and how customer relationships and funds were handled during it. RedotPay maintains it will continue operating as usual while the case proceeds.

Source: CryptoSlate

Tags

#Binance#Stablecoin#Payments#Crypto Regulation

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