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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.
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