Binance Denies Withdrawal of Singapore Legal Case Against RedotPay

Binance Maintains Active Legal Claims Against RedotPay

Binance has refuted claims that it intends to withdraw its legal proceedings against RedotPay in Singapore, emphasizing that its claims remain active after a court hearing held on August 7, 2026.

Conflicting Accounts in Legal Proceedings

The two companies have provided conflicting statements concerning the status of nearly $473 million in legal disputes. Binance has asserted that it is not abandoning its claims and has informed both the court and RedotPay of its position, while RedotPay expects the Singapore case to be discontinued.

Background of the Dispute

The ongoing legal tussle is part of a broader dispute involving multiple Binance-affiliated entities and RedotPay, a Hong Kong-based stablecoin payment provider. The conflict includes a demand for approximately $472.8 million in damages in a Hong Kong case linked to allegations against RedotPay co-founders for violating agreements related to Binance Pay.

RedotPay’s Position on Legal Costs

A spokesperson for RedotPay indicated that the company plans to seek legal costs resulting from the discontinuance of the Singapore proceedings. They stated, “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” adding that discussions would be initiated to reach an agreement on the costs.

Legal History and Future Developments

The legal actions stem from allegations that RedotPay misused Binance Pay funds in a manner prohibited by their commercial relationship. Binance had ceased supporting RedotPay through Binance Pay in April 2026, long before the recent legal developments became public. Meanwhile, RedotPay had previously announced plans for a potential U.S. initial public offering that could value the company at over $4 billion.

Conclusion

The disagreement between Binance and RedotPay regarding the procedural status of the Singapore case remains unresolved, with each party maintaining distinct narratives about the future of their claims. Binance continues to firmly assert the active status of its legal claims in Singapore.