Binance-affiliated entities sue RedotPay co-founders in Hong Kong for allegedly diverting 470,000 users and causing $472.8M in losses.

Regulation & Gov · 2026-08-05

Three Binance-affiliated entities have initiated legal action in Hong Kong against RedotPay's co-founders, contending that an agreement was violated when more than 470,000 users were channeled away from Binance's platform, resulting in stated losses of $472.8 million. The defendants—Gao Zhangpeng, Chan Wa Choi, and Yao Chao—have rejected the claims and indicated they will contest the matter through proper legal channels. A related proceeding involving Chaintecs and RedotPay affiliates is also underway in Singapore, with proceedings set for Friday.

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