Binance Denies Dropping Singapore Suit Amid $473M Hong Kong Dispute

Woofun AI reports that conflicting narratives have emerged regarding the status of a Singapore lawsuit between Binance and RedotPay, with the exchange denying reports it will discontinue proceedings despite RedotPay's expectations to the contrary. This dispute is intrinsically linked to a larger legal confrontation involving a separate Hong Kong case seeking nearly $473 million in damages over alleged user diversion.

RedotPay anticipated that Binance would drop the Singapore case following a hearing on Aug. 7, stating it would seek legal costs from the claimant upon discontinuance.

However, Binance explicitly rejected these assumptions, labeling reports of withdrawal as false and confirming to both the court and RedotPay that it is not abandoning its claims. The exchange maintained that it remains fully committed to pursuing its legal position, directly contradicting the payment issuer's public stance.

Woofun AI data shows, The broader conflict centers on a Hong Kong petition filed on Aug. 5 by Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore against RedotPay's co-founders, . Plaintiffs allege RedotPay diverted more than 470,000 Binance Card users by enabling Binance Pay funds for stablecoin card top-ups outside their commercial agreement, calculating damages at $472.8 million based on a $925 lifetime customer value per user. Chaintecs also initiated related proceedings in Singapore, where a hearing was scheduled for Aug. 7, further escalating the cross-jurisdictional legal pressure.

RedotPay dismissed the accusations as unfounded allegations, vowing to defend its co-founders through the legal process. The partnership originated in December 2023, allowing direct deposits from Binance Pay to RedotPay cards, but Binance terminated support on April 3, 2024, citing a merchant partners review. This termination preceded the public emergence of the legal dispute, marking a definitive end to their commercial collaboration.