Binance affiliates Nest Trading, Distributed Technologies Ltd. and Chaintecs Consulting Singapore are suing RedotPay’s three co-founders in Hong Kong for allegedly diverting more than 470,000 users, seeking 473 million dollars in damages. Founders Gao Zhangpeng, Chan Wa Choi and Yao Chao are accused of allowing users to fund payment cards through Binance Pay outside their existing commercial agreement, with damages calculated at 925 dollars per user. RedotPay raised 194 million dollars in 2025 and is targeting a US IPO with a potential valuation above 4 billion dollars, with JPMorgan, Goldman Sachs and Jefferies advising on the listing. Binance discontinued its support for RedotPay, ending Binance Pay features from April 3, 2026.
Source: Read the original article
