Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end.
The stablecoin payments card issuer told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a hearing on Aug. 7. “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay said, adding that the parties would try to agree on costs.
However, Binance said it has no plans to abandon its claims. “Reports that Binance will be withdrawing its Singapore claims are false,” a Binance spokesperson told Cointelegraph, adding that the company “is not abandoning its claims and has informed both the court and RedotPay accordingly.”
The disagreement marks the latest development in a broader legal fight between Binance-affiliated companies and RedotPay, which includes a separate Hong Kong case seeking nearly $473 million in damages.
Singapore case part of broader legal fight
Binance-linked legal action against RedotPay first made headlines on Aug. 5, when Bloomberg reported that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore had filed a petition in Hong Kong against RedotPay’s co-founders.
The Hong Kong plaintiffs allege RedotPay diverted more than 470,000 Binance Card users by allowing Binance Pay funds to be used for stablecoin card top-ups outside the terms of a commercial agreement. They estimated damages at $472.8 million, based on a claimed lifetime customer value of $925 per user.
