$473 Million Binance Lawsuit Targets Card Top-Ups RedotPay Pitched to Investors

Binance-affiliated companies are suing RedotPay’s three co-founders for $472.8 million. They say users topped up RedotPay cards with money from Binance accounts, which the two firms had agreed to keep apart.

RedotPay pitched that same top-up feature to investors in 2024. Binance says it was never allowed.

The Top-Ups RedotPay Showed Its Investors

Bloomberg reviewed RedotPay’s 2024 Series A pitch materials. They named the Binance tie-up as a way to “accelerate user adoption.” The deck flagged direct deposits to RedotPay Card from Binance Pay. Binance now calls that practice banned in its petition.

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RedotPay’s public Series A announcement tells a different story. It never mentions Binance once. The pitch to investors was private. The press release was not.

The timing matters too. RedotPay’s first Binance deal began in November 2023. It fell apart within six months over the same top-up issue. Both that collapse and the pitch materials land in 2024.

RedotPay Doubled Its Users While the Channel Stayed Open

RedotPay signed a replacement deal with Binance in March 2025. This one promised to keep Binance money separate. That same month, RedotPay announced a $40 million round led by Lightspeed. It reported over 3 million registered users.

Nine months later it raised $107 million more, led by Goodwater Capital. By then it counted more than 6 million users. The base had doubled while the Binance channel stayed open.

Binance says more than 470,000 of those users came from Binance Card. That is roughly one in six of the users added across that window. The filing does not say over what period they moved. Binance values each one at $925 in lifetime worth.

What the Banks Have to Check

Binance cut the channel off on April 3, 2026. It puts the money that flowed through at roughly $304 million. RedotPay is chasing a US listing above $4 billion. JPMorgan, Goldman Sachs and Jefferies are reportedly lined up.

Those banks now hold a filing that alleges control failures. RedotPay announced a SOC 2 Type II audit in July. The report’s scope is not public, so it cannot answer the claim.

One more figure deserves care. RedotPay’s latest user and revenue numbers come from the company, not from any filing. Paymentscan, the tracker RedotPay cites as independent, takes its spend data from RedotPay itself.

It verifies only top-ups on-chain. The dispute is really about who owns customer relationships in payments.

“This proceeding has no impact on our day-to-day operations now or in the future. We are confident in our legal position, and are vigorously defending all claims,” RedotPay said in a statement.

That answer covers the proceeding, not the founders. Gao Zhangpeng, Chan Wa Choi and Yao Chao are named personally in Hong Kong. A separate Singapore case names RedotPay affiliates, with a hearing on Friday.

The court will take months. The banks face a simpler question. How much of the growth was Binance’s?

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