On August 5, 2026, Binance-affiliated companies filed a lawsuit seeking around $473 million or more against Hong Kong-based stablecoin payments firm RedotPay. Key TakeawaysRedotPay allegedly diverted more than 470,000 users from Binance Card to its own payment cards using Binance Pay. Before the lawsuit, RedotPay was planning a US IPO that could value the business above $4 billion. The legal action coincides with Binance reporting a registered user base of 323 million in the first half of 2026. Binance previously confirmed that its Binance Pay features on the RedotPay platform were discontinued as part of a review of merchant partners.