RedotPay Delays US IPO Amid Regulatory Hurdles, Binance Suit

RedotPay, a digital-asset card company, has delayed plans for an initial public offering in the US market.

Bloomberg reported on August 14 that the company had postponed the IPO as it seeks regulatory approvals for its US expansion, according to people familiar with the matter.

RedotPay did not provide a specific timetable for the offering. It said it is focused on global regulatory compliance and business growth, adding that it obtained a US money transmitter license this week and is preparing to launch services in the country.

The company has been considering a New York listing since February. It has worked with JPMorgan Chase, Goldman Sachs and Jefferies on the deal, and had been seeking to raise more than $1 billion at a valuation above $4 billion, people familiar with the matter said.

Its legal dispute with Binance may also be weighing on the listing. Binance affiliates previously filed a damages lawsuit seeking about $473 million from RedotPay's founders.

Binance alleges the founders used confidential information obtained while working at the exchange to build a competing business and win customers. RedotPay has denied the allegations and says it will respond aggressively.