RedotPay has reportedly delayed plans for a US initial public offering as it works through regulatory approvals and a major legal dispute with Binance affiliates. The Hong Kong-based stablecoin payments company had been linked to a potential IPO that could raise more than $1 billion and value the business above $4 billion.
The delay highlights the growing challenges facing crypto payment companies seeking access to public markets. Although RedotPay continues to expand its services and prepare for a US launch, the Binance lawsuit may create additional uncertainty for investors.
RedotPay Delays Planned US Listing
Bloomberg reported on August 14 that RedotPay had postponed its US IPO plans while it seeks regulatory approvals in several markets and manages ongoing legal issues. People familiar with the matter said the listing could take place next year or later instead of during 2026.
RedotPay has not announced a new IPO date. The company also declined to comment directly on the timing of the proposed offering.
However, a company spokesperson said RedotPay remains focused on regulatory compliance and international growth. The firm also confirmed that it obtained a US money transmitter license during the week and is preparing to launch its products in the country.
A money transmitter license can allow a company to provide certain payment and money transfer services, although requirements differ between jurisdictions. RedotPay is expected to continue working on additional approvals before offering its full range of products to US customers.
RedotPay’s business is built around stablecoin-based payments, highlighting how stablecoins are becoming an important part of the broader crypto payments ecosystem.
Possible IPO Could Raise $1 Billion
RedotPay’s potential stock market debut first gained attention in February. Earlier reports suggested that the company was considering a New York listing that could raise more than $1 billion and place its valuation above $4 billion.
The company was reportedly working with major financial institutions, including JPMorgan Chase, Goldman Sachs and Jefferies Financial Group, on the possible transaction. At the time, a US listing during 2026 was considered possible.
RedotPay was founded in Hong Kong in April 2023. Its products include crypto payment cards, multicurrency wallets and global payout services. The company has expanded rapidly, serving users across more than 100 markets.
The firm also raised approximately $194 million during 2025. Its funding included a $107 million Series B round backed by investors such as Goodwater Capital, Pantera Capital and Blockchain Capital. Earlier funding came from Lightspeed, Galaxy and HongShan.
Despite the reported IPO delay, RedotPay said its second-quarter 2026 investor update showed record results for users, revenue, profit and margins. The company did not publish specific figures for those results.
Binance Seeks Nearly $473 Million
The IPO delay comes shortly after Binance-linked companies filed a lawsuit against RedotPay and its founders in Hong Kong. The plaintiffs are seeking approximately $472.8 million in damages.
The lawsuit reportedly alleges that RedotPay diverted more than 470,000 Binance Card users to its own payment services. Binance-affiliated companies claim this conduct violated commercial agreements and reduced the long-term value of the Binance Card business.
The damages figure is based on an estimated lifetime value of about $925 for each allegedly diverted user. This amount is part of Binance’s legal claim and has not been confirmed by a court.
The plaintiffs also allege that RedotPay’s founders used confidential information gained during earlier work connected to Binance to establish a competing payments company and attract Binance customers.
RedotPay has rejected the allegations. The company said it would vigorously defend itself and maintained that the legal proceedings would not affect its daily operations or expansion plans.
Singapore Case Adds Uncertainty
The legal dispute is not limited to Hong Kong. Related proceedings have also taken place in Singapore, where Binance and RedotPay have offered different accounts of the case’s status.
RedotPay previously said it expected Binance to discontinue the Singapore proceedings after an August 7 hearing. Binance disputed that interpretation and said it had not withdrawn its claims.
The conflicting statements add uncertainty for investors attempting to assess the possible financial and operational impact of the dispute. Until the courts resolve the claims, the lawsuit remains an unresolved liability rather than a confirmed loss for RedotPay.
For a company preparing to enter public markets, even an unproven claim can attract greater scrutiny. Underwriters and potential investors may examine the dispute, partnership agreements, user-acquisition practices and the company’s financial exposure before supporting an IPO.
US Expansion Remains a Priority
Although RedotPay has delayed its public listing, it appears to be continuing its US expansion. The newly obtained money transmitter license is an important step toward launching its payment products in the country.
RedotPay has also expanded into other regions. In June 2025, the company launched payment services in Brazil after integrating Circle Payments Network. The service allowed users to send crypto to Brazilian bank accounts, with the assets converted into Brazilian reais.
The company has presented its platform as a way to make cross-border payments faster and more accessible. Its services are particularly aimed at users who want to spend stablecoins, move funds internationally or convert digital assets into local currency.
However, expansion into the US could require more than one regulatory approval. The exact requirements may depend on the products RedotPay offers, the states where it operates and whether it provides payment, custody, conversion or wallet services.
What the Delay Means for Investors
The postponed IPO does not necessarily mean RedotPay has abandoned its public-market ambitions. Instead, the company may be waiting until its regulatory position is clearer and the Binance dispute becomes easier to evaluate.
A delayed listing could give RedotPay more time to:
- Secure additional licenses in the US and other markets.
- Demonstrate continued user and revenue growth.
- Strengthen its compliance and risk-management systems.
- Respond to Binance’s legal claims.
- Clarify its financial exposure before filing public offering documents.
The decision may also reflect broader caution among investors. Crypto and stablecoin companies can attract strong demand during periods of digital-asset growth, but public-market investors typically require clear disclosures around regulation, partnerships and litigation.
For now, RedotPay says its business is expanding and its recent financial performance has been strong. Nevertheless, the nearly $473 million Binance lawsuit and unresolved regulatory work have created significant pressure around the company’s IPO plans.
RedotPay’s next major milestones will likely include the launch of its US products, further licensing announcements and updates on the Hong Kong and Singapore legal proceedings. Until those issues develop, the timing and size of a potential US IPO remain uncertain.
