Crypto payments firm RedotPay has put its planned U.S. initial public offering on hold, according to CoinDesk, which cited Bloomberg. The IPO had been expected to raise more than $1 billion and value the company at as much as $4 billion when details first surfaced in February. The process is now not expected to move ahead until 2027 at the earliest.
The pause comes after a Binance affiliate filed a $472.8 million lawsuit in Hong Kong against three RedotPay co-founders in early August. Binance alleged that more than 470,000 paying users were diverted from the Binance Card product to a competing RedotPay offering. The complaint also said the two sides signed a commercial agreement in March 2025 that gave RedotPay access to Binance’s user base, and that Binance later found in March 2026 that Binance Pay balances had flowed into top-ups for RedotPay’s own card without being segregated.
RedotPay did not directly confirm that the IPO had been delayed or say why. A spokesperson said the company remains focused on global regulatory compliance and business growth, adding that it had obtained a U.S. money transmitter license this week.
RedotPay has paused its planned U.S. IPO, according to CoinDesk, citing Bloomberg, with the crypto payments company now unlikely to move the process forward until 2027 at the earliest.
The offering had first emerged in February. At the time, RedotPay was said to be seeking a valuation of as much as $4 billion and planning to raise more than $1 billion.
Binance affiliate seeks $472.8 million in Hong Kong case
In early August, a Binance affiliate filed a lawsuit in a Hong Kong court against three RedotPay co-founders, seeking $472.8 million in damages. Binance alleged that the defendants redirected more than 470,000 paying users from Binance Card to RedotPay’s own competing product.
ChainCatcher had previously reported on Binance’s claim against RedotPay.
Complaint points to 2025 commercial agreement
According to the complaint, the two sides signed a commercial agreement in March 2025 that allowed RedotPay to access Binance’s user base. Binance said it then discovered in March 2026 that Binance Pay balances had flowed into top-ups for RedotPay’s own card without being segregated.
RedotPay avoids confirming delay
RedotPay did not directly confirm that the IPO had been delayed, nor did it confirm the reason. A spokesperson said the company’s strategy remains focused on global regulatory compliance and business growth.
The spokesperson also said RedotPay obtained a U.S. money transmitter license this week.
For crypto payments companies seeking a U.S. listing, an unresolved lawsuit can become a variable in the listing process. How RedotPay handles its dispute with Binance is likely to affect when it can restart its IPO plans.
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