RedotPay Inc. Delays US IPO Amid Binance Holdings Ltd. Lawsuit

RedotPay Inc., a stablecoin payments company, has delayed its planned initial public offering in the United States. Originally targeted for as early as 2026, the listing is now pushed to next year or later as the company manages legal challenges and seeks regulatory approvals in its operating countries.

The delay follows a lawsuit from Binance Holdings Ltd. affiliates, who allege that RedotPay Inc. founders diverted hundreds of thousands of customers to a competing product. Binance Holdings Ltd. claims this action resulted in losses of nearly $500 million. RedotPay Inc. stated it is aware of the proceedings and will vigorously defend all claims.

Prior to the delay, RedotPay Inc. worked with JPMorgan Chase & Co., Goldman Sachs Group Inc., and Jefferies Financial Group Inc. on a New York listing intended to raise over $1 billion at a valuation exceeding $4 billion. Despite the legal conflict, the company recently obtained a money transmitter license in the U.S. and reported record highs in revenue, profit, and user growth.