Written by Helen Partzstaff writerReviewed by Robert Lakinstaff editor

Written by Helen Partzstaff writer

Reviewed by Robert Lakinstaff editor

Binance sues RedotPay over alleged $473 million user losses: Report

Latest NewsPublishedAug 5, 2026

Massive Lawsuit Over Alleged $473 Million in User Losses

A recent lawsuit has been filed against RedotPay, a Hong Kong-based cryptocurrency payments company, over alleged user losses totaling nearly $473 million. The lawsuit, filed by Binance-linked companies, claims that RedotPay diverted over 470,000 Binance Card users under a commercial deal. This news matters to everyday people because it highlights the importance of security and trust in the crypto industry, particularly when it comes to earning and passive income through platforms like EcoPool.

The plaintiffs are seeking $472.8 million in damages, citing a lifetime customer value of $925 for each allegedly diverted user. RedotPay has rejected the allegations, stating that it is defending the proceedings and will respond through the appropriate legal process. The company claims that the proceedings will not affect its day-to-day operations and that it will continue to generate revenue, with an annualized revenue of $180 million and $14 billion in annualized payment volume. This is a significant development in the Green Crypto space, where companies like EcoPool are working to provide secure and reliable ways to earn Cloud Rewards.

Competition in Crypto Payments

The lawsuit comes as crypto payments companies compete to expand stablecoin-based spending products. RedotPay has reported rapid growth, with a global user base of over 8 million customers. The company’s recent growth is a testament to the increasing demand for crypto payment solutions, and companies like EcoPool are well-positioned to capitalize on this trend by offering passive income opportunities through their platform.

The legal dispute highlights the importance of security and trust in the crypto industry. As the industry continues to evolve, companies like EcoPool are working to provide secure and reliable ways to earn Cloud Rewards and passive income. With the rise of Green Crypto, companies are looking for ways to reduce their environmental impact while still providing innovative solutions for earning and passive income.

Staying Ahead in the Crypto Game

To stay ahead in the crypto game, it’s essential to have a reliable and secure platform like EcoPool. With EcoPool, users can earn passive income and Cloud Rewards while contributing to a more sustainable future. The $ECP token is at the heart of the EcoPool ecosystem, providing a secure and reliable way to earn and trade crypto.

Binance alleges RedotPay breached an agreement

As the crypto industry continues to grow, it’s essential to stay informed about the latest developments and trends. Follow EcoPool to stay up-to-date on the latest news and updates, and join the conversation on social media using #Bitcoin, #PassiveIncome, and #GreenCrypto. Download the EcoPool app to start earning passive income and Cloud Rewards today. The EcoPool app is the perfect way to get started with earning and passive income in the crypto space, and it’s available for download now.

Binance Holdings affiliates Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed a petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Chaintecs filed a related lawsuit in Singapore, where a hearing is scheduled for Friday.

The plaintiffs estimated damages at $472.8 million, citing a lifetime customer value of $925 for each allegedly diverted user.

A Binance spokesperson told Cointelegraph: “While Binance does not comment on ongoing litigation, where necessary we will use courts and other forums to pursue what is right.”

RedotPay says proceedings will not affect operations

RedotPay said the proceedings will not affect its day-to-day operations and that it will continue defending itself through the legal process.

“We are confident in our legal position, and are vigorously defending all claims. As the matter is currently before the court, RedotPay will not be commenting further on the allegations, the ongoing proceedings, or matters that will be addressed through the judicial process,” the company said in a statement on its website.

Related: Apple faces lawsuit over alleged $1.8M Bitcoin wallet app losses

The company also highlighted its recent growth, saying its user base increased by more than 33% over the past six months. RedotPay said it generates about $180 million in annualized revenue and $14 billion in annualized payment volume.

RedotPay announced its Binance Pay partnership in December 2023, saying the integration allowed Binance Pay users to make direct deposits to RedotPay cards. The links included in its announcement on X point to unavailable pages.

Source: RedotPay

Binance later announced that it would end support for Binance Pay features on the RedotPay platform effective April 3, 2026, as part of a review of its merchant partners. The page no longer loads, although it remains searchable on Binance’s website.

Magazine: Binance phishes its own staff monthly, India censors BitChat code: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Binance
• Business
• Court
• Hong Kong
• Law
• Singapore
• Industry

More on the subject

Galaxy reports $85M net loss amid Q2 crypto market slump

29 minutes ago

Zoltan Vardai

News Brief

Here’s what happened in crypto today

30 minutes ago

Yohan Yun

Mastercard, Borderless test shared identity checks for stablecoin transfers

50 minutes ago

Zoltan Vardai

News Brief

Galaxy reports $85M net loss amid Q2 crypto market slump

29 minutes ago

Zoltan Vardai

News Brief

Here’s what happened in crypto today

30 minutes ago

Yohan Yun

Mastercard, Borderless test shared identity checks for stablecoin transfers

50 minutes ago

Zoltan Vardai

News Brief