RedotPay Expands to Brazil + SEC Softens Crypto Stance

RedotPay launches real-time crypto-to-BRL payments via Circle, while the SEC drops its Binance case, signaling a policy pivot under the Trump administration.

June 03, 2025

🌍 RedotPay and Circle Bring Real-Time Crypto Payments to Brazil

In a move that underscores the growing momentum behind blockchain-powered cross-border finance, Hong Kong-based crypto payments firm RedotPay has partnered with Circle to enable near-instant cryptocurrency transfers to Brazil through the Circle Payments Network (CPN).

The integration allows RedotPay’s 4 million+ users to send digital assets that are automatically converted into Brazilian Real (BRL), and deposited directly into local bank accounts. The launch includes a promotional offer of US$0 transaction fees for users trying the new “Send Crypto, Receive BRL” feature.

This collaboration leverages the Circle Payments Network's infrastructure for real-time settlement, eliminating the typical 1–5 day delay associated with traditional international transfers. The system aims to reduce costs and increase financial inclusion—particularly for underbanked populations in emerging markets.

“By integrating with Circle Payments Network, RedotPay is addressing two major pain points that have historically hindered cross-border payments in emerging markets,”
— Michael Gao, CEO & Co-Founder, RedotPay

Gao cited high FX rates, inconsistent success rates, and capital lock-in across prefunded accounts as longstanding frictions in global payments, particularly for Payment Service Providers (PSPs). The new solution seeks to streamline this process.

Sunil Sharma, VP of Product at Circle, emphasized the global vision behind CPN:

“We designed the Circle Payments Network as a foundational coordination protocol for the always-on economy. Our goal is to empower emerging economies and modernize the global financial system.”

The announcement comes on the heels of RedotPay’s US$40 million Series A funding round, which is being used to fuel the company’s global expansion. The Brazil corridor marks the latest milestone in RedotPay's roadmap and is now live on both iOS and Android platforms.

⚖️ SEC Drops Civil Case Against Binance Amid Broader Regulatory Shift

In a surprise development with significant implications for the regulatory landscape, the U.S. Securities and Exchange Commission (SEC) voluntarily dismissed its civil lawsuit against Binance, the world’s largest cryptocurrency exchange.

Filed on May 29 in a Washington, D.C. federal court, the joint stipulation of dismissal was signed by attorneys for the SEC, Binance, and Binance founder Changpeng Zhao (CZ). The move marks a policy pivot that many observers attribute to the return of President Donald Trump to the White House.

The SEC clarified that while the case was dismissed “in the exercise of its discretion and as a policy matter,” it does not indicate a broader reversal on other ongoing crypto enforcement actions. The dismissal was made with prejudice, meaning it cannot be refiled.

A Binance spokesperson described the move as a “landmark moment,” stating:

“We’re deeply grateful to Chairman Paul Atkins and the Trump administration for recognising that innovation can’t thrive under regulation by enforcement.”

The case, originally filed in June 2023, accused Binance of misleading investors, inflating trading volumes, and facilitating unregistered securities trading. This civil lawsuit had been separate from Binance’s November 2023 guilty plea and a US$4.32 billion criminal settlement related to anti-money laundering and sanctions violations.

Zhao, who pleaded guilty to related AML violations, served a four-month sentence and was released in September 2024.

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🔍 Coinbase, Unicoin & What’s Next for Crypto Regulation

This isn’t the first major case to be dropped since Trump’s re-election. In February, the SEC also withdrew its case against Coinbase, which was accused of trading at least 13 unregistered digital tokens. These moves are widely seen as part of a broader regulatory realignment.

Paul Atkins, the newly appointed SEC Chairman, commented earlier in May that his top priority is to define “clear rules of the road” for the issuance, trading, and custody of crypto assets—while continuing to pursue fraudulent actors.

However, enforcement hasn’t completely disappeared. On May 20, the SEC sued Unicoin, alleging the startup fraudulently raised over US$100 million via tokens falsely claimed to be backed by real estate and shares in pre-IPO companies.

During the 2024 campaign, Trump pledged to be a “crypto president” and publicly criticized the former SEC Chair Gary Gensler for stifling innovation. With Trump now in office and Atkins leading the SEC, these recent dismissals appear to be part of a recalibrated approach favoring innovation-first policy.

💬 Final Thoughts

Between RedotPay’s launch of real-time payments into Brazil and the SEC stepping back from high-profile cases like Binance and Coinbase, June is shaping up to be a watershed month for fintech and crypto regulation.

As real-time blockchain networks gain adoption and the U.S. signals a policy shift, expect continued momentum in global crypto finance—and a new era of regulatory clarity and cross-border collaboration.