RedotPay, the Hong Kong-based crypto payment platform used by millions of users across emerging markets, has closed multi-currency fiat accounts for users verified under Pakistani identity, cutting off their access to dedicated EUR and USD bank account numbers that allowed direct international transfers without going through a traditional Pakistani bank.
The feature, which gave Pakistani users a personal IBAN for EUR deposits and a USD account number for direct fiat payments, has been discontinued for the country. Users attempting to access the Currency Account section of the app are no longer able to open or maintain these accounts. Any fiat balances already held in EUR or USD within the app remain accessible and can be swapped to stablecoins such as USDT or USDC via the Assets section of the RedotPay app before the accounts are wound down
RedotPay’s official help documentation now lists Currency Account eligibility as limited to EUR accounts for European operations and GBP accounts for UK operations only, Pakistan Defense effectively excluding all other markets, including Pakistan, from the feature entirely.
For Pakistani users, the impact is significant. Pakistan’s banking system imposes restrictions on foreign currency accounts and international wire transfers that make it difficult for freelancers, remote workers, and digital service providers to receive payments in EUR or USD directly. RedotPay’s multi-currency accounts had emerged as a practical workaround, allowing users to share a legitimate European IBAN or US account number with international clients and platforms, receive the payment in fiat, and then convert it to stablecoins or use it via the RedotPay Visa card.
RedotPay’s multi-currency transfer feature had supported 21 local currencies including PKR, and the platform had positioned itself as a bridge between digital assets and everyday finance for users in markets like Pakistan, Bangladesh, and India who lacked access to conventional cross-border banking tools.
The Currency Account was designed to remove traditional barriers people face when acquiring stablecoins, allowing users to deposit EUR or GBP directly and convert it into USDC or USDT instantly, making it particularly valuable for freelancers, businesses, and anyone needing to move money across borders. That use case is precisely what Pakistani users had adopted it for, and its removal leaves a gap that no domestically available product currently fills with the same simplicity.
Users with remaining fiat balances are advised to act promptly. The recommended path is to open the app, navigate to Assets, and use the swap function to convert any EUR or USD holdings into USDT, USDC, or another supported stablecoin before the account closure is finalised. The RedotPay Visa card, P2P marketplace, and crypto wallet functions remain available to Pakistani users and are unaffected by this change.
For now, Pakistani freelancers and digital workers who relied on RedotPay as their primary fiat receiving channel will need to consider alternatives. Platforms including Payoneer, Wise, and Deel continue to offer international payment receiving capabilities in Pakistan, though each carries its own restrictions, fee structures, and compliance requirements that vary by use case and client type.
RedotPay has not issued a public statement specific to Pakistan explaining the reasons for the closure. Compliance obligations, anti-money laundering regulations, and pressure from licensed banking partners over jurisdiction-specific risk profiles are the most commonly cited reasons when fintech platforms restrict fiat account services in markets like Pakistan.
