Binance affiliates sue RedotPay founders over alleged customer diversion

RedotPay allegedly encouraged users to use Binance Pay funds to top up RedotPay cards beyond the permitted uses under a 2025 agreement.

Binance affiliates Nest Trading Ltd., Distributed Technologies Ltd., and Chaintecs Consulting Singapore Pte. have launched legal action against RedotPay and its founders, alleging the Hong Kong crypto payments company improperly used Binance Pay to funnel customers onto its own payment card platform in breach of contractual obligations.

According to court filings, RedotPay founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao allegedly violated a March 2025 agreement requiring Binance Pay funds to remain segregated by permitting card top-ups outside the scope of the partnership.

Binance affiliates claim the alleged scheme diverted more than 470,000 customers, resulting in approximately $473 million in estimated losses.

The legal challenge comes as RedotPay explores a New York IPO that could value the company at more than $4 billion, Bloomberg reported in February. The proposed listing could happen as early as this year.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Binance affiliates claim the alleged scheme diverted more than 470,000 customers, resulting in approximately $473 million in estimated losses.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.