RedotPay has postponed its planned US initial public offering (IPO) as it works to secure regulatory approvals and addresses legal disputes with Binance, according to Bloomberg. The company obtained a US money transmitter license this week and is preparing to launch its product in the country, though it declined to comment on the IPO timeline.
The delay follows a lawsuit filed by Binance affiliates in August, which alleges that RedotPay misappropriated confidential information and diverted users from the exchange. The plaintiffs are seeking $473 million in damages, while RedotPay reportedly aims to raise over $1 billion in its IPO, targeting a valuation of more than $4 billion.
RedotPay’s representatives have stated the firm will “vigorously defend all claims” and expressed confidence that Binance would discontinue the case. However, Binance has rejected this assertion, confirming that its legal action remains active. The outcome of the dispute, along with the exact timing of the IPO, remains uncertain.
The company is also reportedly seeking up to $150 million in new funding as it expands operations in the US. RedotPay’s spokesperson highlighted its focus on securing regulatory approvals and launching its product, though no firm details on the IPO’s future were provided. Investment banks including JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group are reportedly assisting with potential IPO preparations.
Written by Rebecca Shaw
Industry Desk
