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RedotPay’s US IPO Stalls Amid Regulatory Review and…

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RedotPay has delayed plans for a US initial public offering (IPO) as the stablecoin payments company works through regulatory and legal issues, according to people familiar with the matter cited by Bloomberg. The delay puts the proposed listing on hold as RedotPay prepares for its US expansion and manages a lawsuit brought by Binance affiliates in Hong Kong. The offering, once targeted for this year, is now unlikely to proceed before 2027. RedotPay had been considering a New York listing that could raise more than $1 billion and value the company above $4 billion. The stablecoin ncompany obtained a US money transmitter license this week as it prepares to launch its services in the country, the company said, giving it an additional regulatory foothold while it works through the issues affecting its IPO plans.

Regulatory Review Slows IPO Plans

RedotPay’s US expansion has become central to its plans as it prepares to enter one of the world’s largest financial markets. The company has been working through regulatory requirements while weighing the potential public listing. The company was evaluating a New York IPO at a potential valuation above $4 billion earlier this year and was working with JPMorgan, Goldman Sachs and Jefferies on the proposed transaction, though it had not publicly confirmed those plans at the time. The company’s fundraising history has supported that expansion, with the company raising $107 million in a Series B round in December, one of several raises that brought its total 2025 fundraising to roughly $194 million. The latest delay means RedotPay will need to resolve its regulatory and legal concerns before it can determine when to revive the listing process. Its newly obtained money transmitter license forms part of a broader effort to establish a compliant operating structure in the country.

Binance Lawsuit Adds Legal Pressure

The IPO delay comes as RedotPay faces a legal dispute with Binance affiliates in Hong Kong. Binance has accused RedotPay’s founders of diverting more than 470,000 Binance Card users to its competing stablecoin payment card business and is seeking about $472.8 million in damages. The dispute centers on the companies’ commercial relationship and the use of Binance Pay funds to top up RedotPay cards, which Binance says fell outside the terms of their agreement. Binance affiliates filed the claim over the alleged diversion of users to RedotPay’s own service. RedotPay has rejected the allegations and said it would fight the claim while continuing to operate normally. The case has since widened into a second jurisdiction, where the company said it expected a related Singapore proceeding to be discontinued after an August 7 hearing and planned to seek reimbursement of its legal costs. Binance rejected that account, telling the court and RedotPay it had not abandoned the claims and that reports of a withdrawal were false.
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