RedotPay Delays U.S. IPO to 2027 or Later Amid $473M Binance-Linked Lawsuit

Stablecoin payments firm RedotPay may wait until 2027 or later to pursue a U.S. initial public offering, Bloomberg reported, pushing back plans for a deal that was expected to raise more than $1 billion.

The company is seeking regulatory approvals while contending with legal issues, according to the report. RedotPay had previously targeted a valuation above $4 billion for the listing. 

Among the legal challenges is a lawsuit brought by Binance-linked entities against RedotPay’s founders. The plaintiffs are seeking nearly $473 million and allege that more than 470,000 Binance Card users were improperly diverted to RedotPay’s card product.

Source: Bloomberg