RedotPay delays its $1B Wall Street IPO to 2027 with a Binance lawsuit and regulatory hurdles. It seeks $150M in private funding and secured a U.S. license.
RedotPay has delayed its planned Wall Street initial public offering to 2027 or later, people familiar with the matter said. A lawsuit from Binance and regulatory hurdles are complicating the company's U.S. ambitions, the people added.
The Hong Kong-based crypto payments platform had aimed to list on the New York Stock Exchange in 2026. It sought to raise about $1 billion in the IPO, the people said, and the deal could value the company at more than $4 billion. JPMorgan Chase and Goldman Sachs were among banks in talks to work on the offering, the people added.
RedotPay is also raising $150 million in private funding, according to the people. The round is expected to close in the coming months and will support operations as the company restructures its governance for public company standards.
The postponement coincides with RedotPay's efforts to build its U.S. regulatory foundation. This week it secured a U.S. money transmitter license, a step needed to offer services in the country, the company said. The license allows RedotPay to handle customer funds in the United States. It is developing products for American users, including a stablecoin-enabled card that could be used at merchants accepting Visa and Mastercard, and is working through compliance requirements.
Binance-affiliated entities sued RedotPay's founders in Hong Kong earlier this month, seeking about $473 million over allegations they improperly poached customers, according to court filings. Binance said former employees used proprietary data to build RedotPay and moved about 470,000 users to the new platform. RedotPay denied the allegations and said it would defend itself in court.
The companies are also involved in litigation in Singapore. RedotPay had expected Binance to drop that case. Binance said it has not changed its stance.
RedotPay has over 8 million registered users in more than 100 countries and processes about $12 billion in transactions annually, the company said. It reported annualized revenue of about $180 million. The company reached a $1 billion valuation in a previous funding round, making it a unicorn. RedotPay's stablecoin-enabled card products and cross-border payment infrastructure have attracted users globally.
RedotPay now expects to list in 2027 or later, the people said, compared with an earlier target of 2026. The delay pushes back the company's public market debut by at least a year. The timing depends on regulatory approvals and the outcome of the Binance lawsuit. A company representative declined to comment on the IPO timeline beyond what the people described.
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