Binance-linked companies are seeking $472.8 million from RedotPay, using a $925 lifetime value for each allegedly diverted customer. RedotPay denies the claims while courts in Hong Kong and Singapore consider the dispute as the company explores a possible US IPO.
Binance-linked companies are seeking $472.8 million from RedotPay and its co-founders. Their claim assigns a $925 lifetime value to each customer allegedly diverted from Binance Card. The filing concerns more than 470,000 users. RedotPay denies the allegations and says it will defend the cases.
The figure has drawn attention since it places a value on a crypto payments customer. However, the court has not accepted the $925 estimate. The claimants submitted it as a damages input, rather than an audited valuation or an agreed industry benchmark.
How Binance Reached the $925 Figure
Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore accuse RedotPay of breaching a commercial agreement. They claim RedotPay lets customers fund its stablecoin cards through Binance Pay beyond the agreed terms. The companies say this arrangement moved Binance Card customers onto RedotPay’s platform.
Reports place the damages request near $473 million. The claimants use $925 as the lifetime value of each allegedly diverted customer. However, customer value normally depends on revenue, service costs, retention and churn. Court proceedings will examine the contract, alleged user transfers and the method used to calculate any losses.
Crypto and Fintech Benchmarks Differ
Coinbase provides one comparison for exchange customers. Its revenue per monthly transacting user reached $81.67 during the first quarter of 2025, based on company disclosures. Annualizing that quarterly measure produces about $980 per active user. That total sits near Binance’s $925 estimate, but the two figures measure different periods and customer groups.
Coinbase’s number reflects annualized revenue from users who transacted during a strong market quarter. Binance’s figure represents lifetime value across a wider group of card users. Some customers may trade often, while others may use only payment services or become inactive.
Traditional fintech benchmarks sit lower. Ryan De Souza of Offchain Labs cited annual revenue per user of about $191 at Robinhood, $114 at Wise and $88 at Revolut. He estimated fintech customer lifetime values at roughly $400 to $800.
Crypto exchanges can earn more from an active trader through transaction fees and related products. However, activity often changes with market cycles. Payments companies may earn less each year while retaining customers across spending, transfers and savings products. Those differences make a single comparison difficult to apply across all 470,000 customers covered by the claim.
Court Review Could Affect RedotPay’s IPO
The dispute arrives as RedotPay considers a US initial public offering that could value the company above $4 billion. Reports link JPMorgan, Goldman Sachs and Jefferies to the potential listing. An unresolved claim may become part of due diligence as banks and investors review the company’s finances, contracts and legal exposure.
RedotPay says it serves more than 8 million users after its customer base grew over 33% in six months. It also reports about $180 million in annualized revenue and $14 billion in annualized payment volume. The company says, “We are confident in our legal position, and are vigorously defending all claims.”
A related Singapore action named RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Meanwhile, the Hong Kong court will decide which claims are valid and how to measure damages. Until then, the $925 figure remains contested and does not represent an established market price for every crypto user across markets.
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