RedotPay delays U.S. IPO amid $473M Binance lawsuit

RedotPay delayed its U.S. IPO to 2027 or later due to regulatory hurdles and a $473M lawsuit from Binance-linked entities over alleged user diversion. The company recently secured a U.S. money transmitter license.

RedotPay, a stablecoin payment company, has postponed its planned U.S. IPO to 2027 or later as it navigates regulatory approvals in multiple countries and addresses a major lawsuit from Binance-linked entities. The company initially aimed to raise over $1 billion and sought a valuation exceeding $4 billion with its New York listing. The legal dispute centers on allegations that RedotPay diverted more than 470,000 Binance Card users to its own card product, resulting in a financial claim of nearly $473 million. This lawsuit has become a significant obstacle for the company's public listing ambitions. RedotPay has recently obtained a U.S. money transmitter license and is preparing to launch its product in the country. However, the IPO delay means the company will likely rely on private capital or operating cash flow for a longer period, highlighting the regulatory and legal challenges crypto firms face when seeking public listings.