RedotPay has pushed its planned $1 billion US initial public offering past 2026, with the listing now unlikely before 2027, according to people familiar with the decision in a report published August 14, 2026. The Hong Kong company declined to confirm a new timetable.
Key Takeaways
- RedotPay has delayed its planned US initial public offering, which is now unlikely to proceed before 2027.
- Binance-affiliated entities are seeking about $472.8 million from RedotPay’s three co-founders in a Hong Kong lawsuit filed this month.
- JPMorgan Chase, Goldman Sachs and Jefferies had been working on the offering, which targeted a valuation above $4 billion.
- RedotPay says it obtained a US money transmitter license this week and is preparing to sell products domestically.
- The company rejects the Binance claims and says the case has no effect on its daily operations.
What happened?
The stablecoin card issuer had been preparing a US listing that surfaced publicly in February 2026, targeting a valuation above $4 billion and a raise topping $1 billion. JPMorgan Chase, Goldman Sachs and Jefferies Financial Group had been engaged on the offering. According to Bloomberg, the pause traces to legal issues broadly rather than to one named case.
A RedotPay spokesperson would not confirm the delay or supply a revised timetable, saying the company’s strategy remains focused on global regulatory compliance and business growth. The same spokesperson said RedotPay secured a US money transmitter license this week as it prepares to sell domestically, and declined to discuss the IPO. The issuing state was not identified.
RedotPay has pushed its planned $1 billion US initial public offering past 2026, with the listing now unlikely before 2027, according to people familiar with the decision in a report published on Bloomberg.https://t.co/xdQKHo9p7s pic.twitter.com/0WIhcK06Va
— CoinLaw (@coinlaw_io) August 14, 2026
RedotPay’s US licensing moved forward as the listing slipped
The domestic push is new. RedotPay announced on March 11, 2026 that it had registered as a money services business with FinCEN alongside a Canadian MSB registration and a VASP license in Argentina, and the company said at the time that the US registration was for internal operational infrastructure and cross-border processing and “does not involve the provision of services to U.S. citizens.“
Five months later the same company describes a money transmitter license and a domestic launch. Registered users stood above 6 million at that March announcement; RedotPay reported 8.5 million for the second quarter of 2026. The operating footprint kept widening while the listing slipped. Crypto payments industry data puts that expansion in context.
The $472.8 million claim sitting underneath
Binance-affiliated entities sued co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao in Hong Kong in early August, alleging they moved more than 470,000 Binance Card customers onto RedotPay’s own card in breach of a March 2025 commercial agreement. The filing puts roughly $304 million in Binance Pay funds flowing into RedotPay’s ecosystem and values each diverted user at $925 in estimated lifetime revenue, arithmetic that produces the $472.8 million damages figure.
That claim sits well above the roughly $180 million in annualized revenue RedotPay reported for the second quarter. Binance counts more than 300 million registered users, so the disputed cohort is a fraction of its base.
RedotPay rejects the allegations. Its August 5 statement said: “This proceeding has no impact on our day-to-day operations now or in the future. We are confident in our legal position, and are vigorously defending all claims.” The company added that it would not comment further while the matter is before the court. No liability finding has been made against RedotPay or its founders.
What has not been established?
The two sides cannot even agree whether a second case exists. RedotPay said it expected a parallel Singapore claim brought by Binance affiliate Chaintecs Consulting Singapore to be discontinued after an August 7 hearing and that it would seek costs; Binance called reports of a withdrawal false and said it had told the court it was not abandoning the claims. Both accounts cannot hold.
Four questions remain open, and none of the parties has answered them publicly:
- Which US state issued the money transmitter license RedotPay describes, and what activity it permits?
- Whether the Binance litigation specifically caused the listing delay, which nobody has confirmed?
- Whether the Singapore proceedings survived the August 7 hearing?
- What valuation or timetable a 2027 offering would carry?
Existing cardholders have no reported service change to act on. RedotPay says operations are unaffected and the licensing news concerns market entry, so the step for a user today is watching the company’s own statements for notices touching card issuance or fund custody.
CoinLaw’s Takeaway
A claim of this size lands on exactly the part of the story a card issuer would sell to public investors: where its users came from. Binance is contesting the origin of hundreds of thousands of card customers, and a US registration statement would have to describe that dispute in detail. Underwriters and their counsel generally want large, unresolved litigation clarified before a roadshow. The stablecoin market data explains why a card issuer wanted public money.
The licensing sequence points the other way and deserves weight. A company badly spooked by its legal exposure does not usually spend the same week collecting a state license and briefing reporters about a domestic launch. Read together, the report suggest a regulatory buildout running on its own clock while the capital markets timetable waits on a Hong Kong court, though neither Bloomberg’s sources nor RedotPay’s spokesperson has tied the delay to any single cause on the record.
