RedotPay Delays $1 Billion US IPO Amid Regulatory Approval Struggles
RedotPay's highly anticipated US initial public offering (IPO) has been delayed until at least 2027. The Hong Kong-based stablecoin payments firm cited regulatory approvals as the reason for the delay.
The company had initially planned to raise over $1 billion in its IPO, with a valuation expected to exceed $4 billion. However, RedotPay stated that it needs time to obtain regulatory approvals across various markets where it operates.
RedotPay's leadership has faced significant turmoil in recent months, including the departure of at least five senior executives within a year. The company has also been embroiled in a lawsuit with Binance-affiliated entities, which alleged that RedotPay's founders diverted users to their platform in breach of a partnership agreement.
RedotPay rejected these claims and stated it would 'vigorously defend' the allegations. Despite the delays, the company reported 8.5 million users as of July and obtained a US money transmitter licence this week.