Key facts
- RedotPay's U.S. IPO has been delayed beyond 2026 due to regulatory requirements and ongoing legal disputes.
- Binance-linked entities are pursuing nearly $473 million in damages against RedotPay's founders, alleging misuse of confidential information and customer diversion.
- RedotPay has secured a U.S. money transmitter license and is preparing for market entry.
- The company was reportedly aiming to raise over $1 billion at a valuation exceeding $4 billion for its IPO.
- RedotPay reported record user numbers and revenue in Q2 2026, with annualized revenue reaching approximately $180 million.
RedotPay, a Hong Kong-based stablecoin payments company, has reportedly postponed its planned U.S. initial public offering (IPO) beyond 2026. The delay is attributed to regulatory requirements and ongoing legal disputes, including a significant lawsuit filed by Binance-linked entities.
The lawsuit, initiated in Hong Kong, seeks nearly $473 million in damages, with plaintiffs alleging that RedotPay's founders misused confidential information from their previous work with Binance to establish a competing business and divert over 470,000 Binance Card customers. RedotPay has denied these accusations and stated its intention to defend itself vigorously.
Despite the IPO delay, RedotPay has secured a U.S. money transmitter license and is proceeding with plans to introduce its products in the U.S. market. The company, founded in 2023, reportedly aimed to raise over $1 billion through its IPO at a valuation exceeding $4 billion, with JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group advising on the potential listing.
RedotPay reported reaching unicorn status in September 2025 and achieved record user numbers and revenue in the second quarter of 2026, with annualized revenue around $180 million. The company is also reportedly exploring up to $150 million in private funding.