RedotPay delays U.S. IPO to 2027 amid $473M Binance lawsuit

RedotPay, a Hong Kong-based stablecoin payments company, has delayed its planned United States initial public offering (IPO) until 2027 or later. The company had previously aimed to complete the share sale as early as this year, seeking a valuation exceeding $4 billion and aiming to raise more than $1 billion.

The postponement is attributed to ongoing regulatory reviews and a $473 million lawsuit filed in Hong Kong by Binance-linked entities. The plaintiffs allege that RedotPay’s founders used confidential information from their previous roles at Binance to build a competing business. Furthermore, the lawsuit claims the company improperly diverted more than 470,000 Binance Card users to its own card products.

RedotPay has rejected the allegations, stating that its operations continue as normal. The firm has noted that its current priorities include global regulatory compliance and business expansion. Major financial institutions, including JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group, have been advising the company on its potential U.S. listing.