The $470 million Binance claim against RedotPay is blocking a planned $1 billion U.S. IPO that had been targeted for year-end. Hong Kong-based RedotPay, which describes itself as the world's largest stablecoin payment card issuer, now appears unlikely to list before 2027.
Multiple reports tied the delay to the company's legal situation, pointing directly to the Binance lawsuit. The claim prices the dispute at roughly $1,000 per account. Binance had allowed its customers to use RedotPay to convert crypto holdings to fiat currency; Binance now alleges RedotPay used that integration to recruit 470,000 of its users, in violation of the agreement between them. RedotPay has denied the allegations but reportedly wants the case resolved before proceeding with the offering.
| Metric | Figure | Label |
|---|---|---|
| IPO target size | $1 billion | Planned |
| Binance lawsuit | $470 million | Alleged damages |
| Users allegedly poached | 470,000 | Binance claim |
| Damage per account (implied) | ~$1,000 | Calculated |
| RedotPay total users | 8.5 million | Self-reported |
| RedotPay annual revenue | $180 million | Self-reported (annual) |
At $180 million in claimed annual revenue, the $1 billion IPO target implies roughly a 5.6x revenue multiple. The lawsuit, at $470 million, equals 2.6x that revenue figure. As a share of the targeted offering, the claim represents 47 cents on every dollar.
The deal infrastructure before the delay
JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) had been advising on the transaction. RedotPay had also secured a U.S. money transmitter license as part of its push into the American market. The year-end window is now gone.
With no settlement announced, the company appears to be holding the offering until the Binance case is behind it. That shifts the earliest realistic timeline to 2027. Both companies are privately held; Binance does not trade on a public exchange. RedotPay's 8.5 million user count and $180 million revenue figure are self-reported.