RedotPay’s $1B IPO paused after $473M Binance lawsuit

RedotPay has paused plans for a U.S. initial public offering that could have raised more than $1 billion while it addresses regulatory approvals and a lawsuit filed by affiliates of Binance seeking nearly $473 million.

The company cited ongoing regulatory reviews and legal matters for the delay. RedotPay confirmed it recently obtained a U.S. money transmitter license and is preparing to launch services in the country.

RedotPay has been exploring a New York listing since February and had discussed a valuation above $4 billion and a pre-IPO fundraising round of up to $150 million prior to the pause.

The firm reports more than 8 million users across over 100 countries and an annualized payment volume of about $12 billion. It holds a Virtual Asset Service Provider license in Argentina and Money Services Business registrations in the United States and Canada.

Affiliates of Binance filed suit in Hong Kong earlier this month, seeking nearly $473 million in damages. The complaint alleges RedotPay’s founders used confidential Binance information to build a competing payments business and to recruit Binance users.

RedotPay has rejected the allegations. The dispute has also arisen in Singapore, where the parties disagree over the status of a related case; RedotPay expects the Hong Kong action to be dropped, while Binance affiliates indicate their claims will remain active.

Company representatives have not issued a detailed public statement on the timing or structure of any future listing beyond confirming the licensing progress in the U.S. The combination of pending regulatory approvals and ongoing litigation has left the IPO timeline uncertain.

RedotPay has been expanding its payments and crypto-linked card offerings in North America as part of its preparation for a potential public listing.