Daily Crypto Briefs 
SINGAPORE, August 6, 2026
Binance has sued Hong Kong stablecoin card company RedotPay and its founders, alleging it diverted about 470,000 customers and caused nearly $473 million in losses, while RedotPay said it rejects the allegations and will defend itself “vigorously.”
The dispute puts a spotlight on the contractual plumbing behind crypto-to-fiat cards, a fast-growing part of the stablecoin payments market. Binance has not publicly laid out its full statement of claim, and the allegations have not been tested in court.
BNB traded near $591.41 at about 4:31 p.m. UTC on Aug. 6, down 1.6% over 24 hours but up 2.1% over 30 days, according to CoinGecko. The token’s market capitalization was about $78.75 billion and its 24-hour volume was about $566.5 million. Those market moves do not establish a link to the lawsuit.
CoinDesk reported, citing reporting on the filing and comments from both companies, that Binance alleges RedotPay permitted Binance Pay funds to be used for RedotPay card top-ups, contrary to the parties’ agreement. RedotPay told the outlet that it “rejects the unfounded allegations” and will defend all claims vigorously.
The Singapore Courts hearing list independently confirms a related case conference for Aug. 7 involving Chaintecs Consulting Singapore Pte. Ltd. and RedotPay Technology Pte. Ltd., with other parties. The official listing classifies the matter as passing off, but it does not publish a damages figure or the factual basis of either side’s position.
BNB
BNBBinance alleges 470,000 customers were diverted
The reported figure of about 470,000 users is the clearest measure in the dispute, but it is an allegation rather than a court finding. CoinDesk said Binance claims the alleged conduct caused almost $473 million in losses; the parties have not publicly released the claim documents that would show how the figure was calculated.
According to the report, Binance and RedotPay first entered a commercial agreement in November 2023. That arrangement ended within six months after Binance alleged that its funds were being used to top up RedotPay’s prepaid cards.
The companies reportedly signed a second agreement in March 2025 that required Binance funds to be segregated. It allowed Binance users to use Binance Pay through RedotPay for crypto-to-fiat conversion, in-app transfers and RedotPay-branded goods, but not card top-ups, according to the reported filing.
Binance ended the partnership in April 2026 as part of a merchant-partner review, CoinDesk reported. The exchange did not disclose how many customers continued to use RedotPay after that date, what amounts it says were improperly used, or whether any customer balances were affected.
The distinction between access to a payment rail and ownership of customer relationships will be central if the case progresses. Stablecoin cards often combine an exchange, a wallet or payments provider, a card issuer and a fiat off-ramp, making contract terms and fund segregation important alongside the on-chain transfer itself.
RedotPay denies Binance Pay misuse claim
RedotPay’s response is direct but limited. The company said it is aware of the legal proceedings, rejects Binance’s allegations as unfounded and will defend the claims. It did not publish a detailed rebuttal, its own accounting of the disputed funds or a response to the reported user-diversion count.
The Singapore hearing listing identifies a case conference at the Supreme Court, Chamber 2-2, at 11:30 a.m. on Aug. 7. It lists Red Dot Technology Limited and Red Dot Trust Limited as applicants, Chaintecs Consulting Singapore as a respondent, and RedotPay Technology among the other respondents. Hearing schedules can change, and the listing says some sessions may not be open to the public.
That public record is narrower than the reported Hong Kong action, but it supports the existence of related litigation involving the companies. It also means the eye-catching $470 million figure should be read as Binance’s alleged loss, not a confirmed loss total or a judgment.
RedotPay has said it has more than 6 million registered users, while earlier reporting said it was considering a U.S. initial public offering that could raise more than $1 billion. Neither the reported IPO plan nor the earlier funding gives a public answer to whether the lawsuit changes its timetable, financing or card operations.
The dispute arrives as card networks and exchanges race to make stablecoins feel more like ordinary payment balances. Mastercard’s stablecoin-settlement expansion and Coinbase’s USDC-backed card collateral product show the same wider push into consumer and merchant payment flows, though neither involves the allegations against RedotPay.
Singapore hearing puts stablecoin card contracts in focus
The legal fight is not evidence that stablecoin payments themselves failed. It is a dispute over how a provider allegedly handled access to Binance Pay and the money moving through a card product. The outcome could turn on contracts, records, account segregation and communications that are not yet public.
For users, a crypto card can obscure the number of intermediaries involved. A customer may see a single app, but the transaction may rely on a crypto platform, a card issuer, a program manager, a payments processor and banking partners. Each may have separate limits, eligibility rules and legal responsibilities.
That complexity is not unique to RedotPay. When Western Union’s USDPT began trading through Bybit channels, the launch similarly joined a stablecoin issuer, an exchange and local fiat access in one product path. The Binance case makes clear that commercial controls are as consequential as the token transfer when these stacks overlap.
No court has determined whether Binance’s allegations are accurate, whether RedotPay owes damages, or how the reported $473 million figure would be assessed. It was also not immediately clear whether the Aug. 7 Singapore conference concerns interim relief, discovery or a timetable for the wider dispute.
Fear & Greed Index
August 6, 2026The next concrete signal is the Singapore hearing and any public filing or statement that gives the claimed losses, the affected-user methodology and RedotPay’s detailed defense. Until then, the confirmed public record is limited to a scheduled related hearing, while the central financial and customer allegations remain contested.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Singapore Courts: Chaintecs Consulting Singapore v RedotPay Technology hearing listing |
| | CoinDesk: Binance lawsuit against RedotPay |
| | CoinGecko: BNB market data |
| | Alternative.me: Crypto Fear & Greed Index |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
Why is Binance suing RedotPay?
Binance alleges RedotPay diverted about 470,000 Binance customers and allowed Binance Pay funds to be used for prohibited RedotPay card top-ups. RedotPay rejects the allegations as unfounded, and the claims have not been adjudicated.
How much is Binance seeking from RedotPay?
CoinDesk, citing reporting on the filing, said Binance alleges nearly $473 million in losses. The exact damages claim and how the amount was calculated were not publicly disclosed in the Singapore hearing listing.
What does the Singapore Courts hearing list confirm?
The official listing confirms a case conference set for Aug. 7, 2026 involving Chaintecs Consulting Singapore Pte. Ltd. and RedotPay Technology Pte. Ltd., among other parties. It identifies the case as passing off, but does not set out the alleged $470 million loss calculation.
Did the Binance lawsuit move BNB price?
No causal link has been established. CoinGecko showed BNB near $591.41 on Aug. 6, down 1.6% over 24 hours and up 2.1% over 30 days, while broader crypto markets remained volatile.