RedotPay US IPO Delayed to 2027 Amid Binance Lawsuit

RedotPay, described as the world's largest stablecoin payment card issuer, has put its US IPO plans on hold due to 'legal issues', according to Bloomberg. The company had been preparing for a listing this year but is now unlikely to proceed before 2027.

The delay comes after Binance-affiliated entities sued RedotPay's co-founders in Hong Kong, alleging they diverted around 470,000 users from Binance Card in breach of a partnership agreement. The lawsuit seeks approximately $472.8 million in damages.

RedotPay has rejected the allegations, stating it would vigorously defend against them. A company spokesperson noted that RedotPay's strategy remains focused on global regulatory compliance and business growth.