What Is RedotPay? The Stablecoin Card App, Its Fees and Who Can Use It

RedotPay is a group of companies, not a single entity. Its Services Terms, last updated October 15, 2026, assign each service to a specific company ¹:

The Terms are generally governed by Hong Kong law ². RedotPay lists these registrations and licenses: a VASP registration in Argentina, an MSB registration in Canada, a FinCEN MSB registration in the US, and Money Lender and Trust or Company Service Provider (TCSP) licenses in Hong Kong ⁷. It says the US registration supports internal operations and cross-border processing and "does not involve the provision of services to U.S. citizens" ⁷. None of these is a banking license. RedotPay states it is "not a bank" ⁸.

Court filings reported by Bloomberg Law name Gao Zhangpeng, Chan Wa Choi and Yao Chao as RedotPay's co-founders ²³.

The RedotPay card is a Visa card funded from your crypto balance ⁴¹⁷. You don't sell crypto in advance. At checkout, RedotPay freezes enough of your balance to cover the purchase, then converts and deducts it when the transaction settles ⁴.

• Virtual card: usable online right after issuance and with Apple Pay and Google Pay ⁸.
• Physical card: for in-store payments and ATM cash withdrawals ⁸¹⁰.
• Card currency: USD or HKD, depending on the card ¹⁰.

Under the Hong Kong programme, the card technically runs on a line of credit from Red F. Technology Limited, settled from your balance ⁴. The card itself is issued through a third-party "BIN sponsor", which the Terms define as the card's actual issuer ⁶. A separate Singapore programme, run by Redotpay Technology Pte. Ltd., is only for people ordinarily resident outside Singapore ⁵.

Supported deposit assets include BTC, ETH, BNB, SOL, SUI, TRX, XRP, USDT and USDC ¹⁷. Check the deposit screen for the exact network for each token. A deposit on the wrong network is not credited automatically (see Fees) ¹⁹.

Besides the card, the app includes ⁸:

• Send: transfers to other RedotPay users by UID, email or phone at no fee, and crypto-to-local-currency payouts abroad.
• Multi-currency wallet: local-currency balances provided by "appropriately licensed financial institutions"; RedotPay facilitates access.
• Credit and loans: borrow against crypto collateral under a Hong Kong money lender license (No. 1715/2025). Loans must be repaid.
• Earn: rewards on deposited crypto. The company warns that capital is at risk and the product is only in selected regions.
• P2P marketplace: buy and sell stablecoins with other users in 50+ local currencies. RedotPay says it only facilitates these trades and does not guarantee settlement.
• Swap, Scan to Pay, mobile top-ups and a paid RedotPay Pro membership.

RedotPay charges no monthly, annual or card-management fee ¹². Fees as listed in its help center on October 23, 2026:

Example (illustrative, using the rates above): you hold USDT and pay 100 EUR with a USD card. You pay the 1.2% foreign-currency fee plus the 1% crypto conversion fee, so about 2.2% on top of the converted amount, before any exchange-rate spread. ATM operators may also add their own charges.

The 5 "USDs" sign-up reward is an in-app token. It cannot be withdrawn and reward balances usually expire after about 30 days ²¹.

RedotPay uses three different restriction lists. Check all three:

1. Who can verify (KYC): citizens of about 40 countries and regions cannot complete identity verification. These include the United States, Mainland China, Russia, Ukraine, Iran, North Korea, Croatia, Slovenia, Serbia and Venezuela ¹⁴.
2. Who can get a card: the card list adds India, Indonesia, Morocco, Nepal, Singapore and Turkey. Residents there cannot get a card or use the country as a billing address ¹⁵.
3. Where the app works: the app is blocked for anyone located in listed places, including the United States and Tanzania ¹⁶.

The company says these lists change with regulations ¹⁴. Availability of Earn and P2P is narrower still ⁸.

You need to complete KYC to use RedotPay's main features ¹³. The process asks for:

• personal details exactly as on your ID;
• a photo of an original physical ID valid for at least three more months (no copies or screenshots);
• a face scan;
• your current residential address;
• a short questionnaire about your occupation or source of funds.

Extra documents, such as a source-of-funds statement, may be requested and must arrive within 14 days. Review usually takes 1–3 business days. Each person may hold only one verified account, and users must be 18 or older ¹³.

RedotPay is custodial. Your crypto sits in a "Custodian Wallet" held by Red Dot Trust Limited. Access key shares are managed by the custodian's employees. Each user's assets are recorded separately from other users' and from the custodian's own ³. RedotPay says it uses multi-party computation (MPC) custody. It also claims ISO/IEC 27001, PCI DSS and SOC 2 Type II certification and institutional insurance on digital assets ⁷. These are company statements, and the insurance terms are not public.

The custodial model has practical consequences:

• Transactions can be held. RedotPay screens transactions in real time (Know Your Transaction). It may hold a transaction, freeze an account, decline funds or report activity to authorities ¹⁸.
• Disputes go through Visa rules. Fraud reports are sent to the card network, take about 1–3 months, and are not guaranteed to succeed ²⁰.
• Wrong deposits cost money. Recovery is not guaranteed and carries fees ¹⁹.

If you want to hold keys yourself, use a self-custody wallet and move only spending money into a card app.

Account sellers. Offers to sell "verified RedotPay accounts" break the one-account-per-person rule ¹³. They are a common route for fraud and account takeovers. Never buy or rent a verified account, and never share login or verification codes.

• Funding: RedotPay raised about $194 million in 2025, including a December Series B that valued it above $1 billion. Backers include Accel, Blockchain Capital, Goodwater Capital, HSG, Pantera Capital and Vertex Ventures ²².
• IPO: In February 2026, Bloomberg reported that RedotPay was considering a US IPO of more than $1 billion at a valuation possibly above $4 billion, with JPMorgan, Goldman Sachs and Jefferies. Plans were described as under discussion ²².
• Binance dispute: In August 2026, entities affiliated with Binance Holdings filed a petition in Hong Kong against RedotPay's three co-founders. They allege a "fraudulent scheme" to divert hundreds of thousands of customers to a competing product, in breach of an agreement, and claim losses of about $470 million ²³. These are allegations. No ruling or RedotPay response was found in the sources reviewed. Separately, a report says Binance ended its Binance Pay integration with RedotPay on April 3, 2026 ²⁴.