Crypto Exchanges
By James Thorp
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What the Allegations Actually Say. The core accusation is user diversion. The Binance-linked plaintiffs argue that RedotPay's…
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Two Jurisdictions, One Messy Fight. Running parallel legal proceedings in Hong Kong and Singapore adds layers of complexity.
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Binance isn't walking away. Despite RedotPay's expectation that the Singapore proceedings are basically done, Binance told both the court and RedotPay directly that its claims…
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RedotPay had anticipated Binance would drop the Singapore case after a hearing on August 7. A RedotPay spokesperson said the company plans to seek legal costs from that process.
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The Hong Kong lawsuit is the heavier blow.
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Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore — all Binance-linked entities — filed a petition in Hong Kong accusing RedotPay's co-founders of…
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The company said it intends to fight the allegations through the legal process and isn't backing down. It's worth noting that RedotPay and Binance Pay weren't always enemies.
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The core accusation is user diversion. The Binance-linked plaintiffs argue that RedotPay's co-founders actively redirected Binance Card users toward RedotPay's own stablecoin…
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See also: Tether Loses $4 Billion in 60 Days as Bitcoin Seller Exhaustion Grows
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Stablecoin card products have grown fast across Asia and other emerging markets, and the competition for user bases in this space is fierce.
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Running parallel legal proceedings in Hong Kong and Singapore adds layers of complexity. Different courts, different procedural rules, different timelines.
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RedotPay's plan to seek legal costs from the Singapore hearing is probably the most assertive move it can make right now.
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Both sides are dug in. Binance's affiliated entities filed in two jurisdictions, put a $473 million figure on the table, and made clear they're not pulling back.
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See also: SEC-CFTC Five-Category Framework Lands as CLARITY Act Sits Frozen in Senate
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No resolution looks close. The August 7 Singapore hearing came and went without the dismissal RedotPay expected.
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