RedotPay's IPO Slips Toward 2027 Amid Binance Suit and Executive Exodus

RedotPay attributes the delay to regulatory approvals alone, leaving unresolved legal and leadership questions out of its own framing.

RedotPay has delayed its planned US initial public offering, which could have raised more than $1 billion at a valuation above $4 billion, Bloomberg reports, citing people familiar with the matter.

The Hong Kong-based stablecoin payments firm is seeking regulatory approvals in the countries where it operates before proceeding, with a listing now unlikely before 2027 rather than as early as this year.

A Fast Fundraise, Followed by Leadership Turnover

RedotPay raised $194 million across two funding rounds in 2025, including backing from Coinbase and Circle's venture arms. In February, the company said it was considering a US listing that could raise over $1 billion; Bloomberg reported it had 6 million users at the time.

By March, RedotPay was seeking a further $150 million while dealing with leadership turnover: at least five senior hires had left within 12 months, the compliance chief role changed twice, and the company had no CFO in place.

A Binance Lawsuit Adds to the Picture

In August, Binance-affiliated entities sued RedotPay's founders, Gao Zhangpeng, Chan Wa Choi, and Yao Chao, in Hong Kong, with a parallel case filed in Singapore.

The suits allege the founders diverted roughly 470,000 users to RedotPay in breach of a March 2025 partnership agreement that let Binance Pay customers use RedotPay's card to convert crypto to fiat, seeking about $473 million in damages.

RedotPay has rejected the claims, telling CoinDesk it "will vigorously defend all claims." RedotPay says its business keeps growing regardless: it reported 8.5 million users as of July, and this week said it obtained a US money transmitter licence as it prepares to launch its product domestically.

The Hong Kong and Singapore lawsuits remain unresolved, and RedotPay has not given a revised IPO date beyond Bloomberg's 2027 estimate.