TechFlame News — According to Bloomberg, Binance-linked entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore have filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao, alleging that the three breached agreements by diverting more than 470,000 users from Binance Card to RedotPay, with claimed damages of $472.8 million. Binance said that starting in March 2026, it discovered RedotPay had been allowing Binance Pay funds to be used to top up RedotPay cards without proper segregation, and that the partnership enabled RedotPay to obtain approximately $304 million in user funds from Binance Pay. RedotPay responded that it will vigorously defend against all allegations and that the matter will not impact its day-to-day operations. Separately, Binance-affiliated entity Chaintecs has also filed a lawsuit against RedotPay-affiliated parties in Singapore, with a hearing scheduled for Friday. RedotPay previously sought an IPO at a valuation of around $4 billion, and the company said it currently processes $14 billion in annualized payment volume, generates $180 million in annualized revenue, and has more than 8 million users.