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

Binance-affiliated companies are suing RedotPay's 3 co-founders for $472.8 million. They accidental users topped up RedotPay cards with wealth from Binance accounts, which the 2 firms had agreed to support apart.

RedotPay pitched that aforesaid top-up diagnostic to investors successful 2024. Binance says it was ne'er allowed.

The Top-Ups RedotPay Showed Its Investors

Bloomberg reviewed RedotPay's 2024 Series A transportation materials. They named the Binance tie-up arsenic a mode to "accelerate idiosyncratic adoption." The platform flagged nonstop deposits to RedotPay Card from Binance Pay. Binance present calls that signifier banned successful its petition.

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RedotPay's nationalist Series A announcement tells a antithetic story. It ne'er mentions Binance once. The transportation to investors was private. The property merchandise was not.

The timing matters too. RedotPay's archetypal Binance woody began successful November 2023. It fell isolated wrong six months implicit the aforesaid top-up issue. Both that illness and the transportation materials onshore successful 2024.

RedotPay Doubled Its Users While the Channel Stayed Open

RedotPay signed a replacement woody with Binance successful March 2025. This 1 promised to support Binance wealth separate. That aforesaid month, RedotPay announced a $40 cardinal circular led by Lightspeed. It reported implicit 3 cardinal registered users.

Nine months aboriginal it raised $107 cardinal more, led by Goodwater Capital. By past it counted much than 6 cardinal users. The basal had doubled portion the Binance transmission stayed open.

Binance says much than 470,000 of those users came from Binance Card. That is astir 1 successful six of the users added crossed that window. The filing does not accidental implicit what play they moved. Binance values each 1 astatine $925 successful beingness worth.

What the Banks Have to Check

Binance chopped the transmission disconnected connected April 3, 2026. It puts the wealth that flowed done astatine astir $304 million. RedotPay is chasing a US listing supra $4 billion. JPMorgan, Goldman Sachs and Jefferies are reportedly lined up.

Those banks present clasp a filing that alleges power failures. RedotPay announced a SOC 2 Type II audit successful July. The report's scope is not public, truthful it cannot reply the claim.

One much fig deserves care. RedotPay's latest idiosyncratic and gross numbers travel from the company, not from immoderate filing. Paymentscan, the tracker RedotPay cites arsenic independent, takes its walk information from RedotPay itself.

It verifies lone top-ups on-chain. The quality is truly astir who owns lawsuit relationships successful payments.

"This proceeding has nary interaction connected our day-to-day operations present oregon successful the future. We are assured successful our ineligible position, and are vigorously defending each claims," RedotPay said successful a statement.