RedotPay pushes U.S. IPO to 2027 or later amid Binance lawsuit
DeFi & Yields ·
Stablecoin card provider RedotPay has postponed its planned U.S. listing after Binance-linked entities filed a nearly $473 million suit over alleged user diversion.
RedotPay, described as the largest crypto card provider, had been preparing a U.S. initial public offering targeting a valuation above $4 billion and aiming to raise more than $1 billion, according to Bloomberg reporting cited by WuBlockchain. That timeline has now slipped from this year to potentially 2027 or later, as the company works through regulatory approvals and pending legal matters.
The delay follows a lawsuit from Binance-linked entities against RedotPay's founders seeking nearly $473 million in damages. The suit alleges that RedotPay improperly diverted more than 470,000 users of the Binance Card to its own competing card product, a claim that, if substantiated, would point to a direct commercial conflict between the two firms over card-holding customers.
The legal dispute and the listing delay are being reported together, with the postponement explicitly linked to the need to resolve regulatory and legal issues before proceeding. The scale of the alleged diversion, more than 470,000 users, is significant relative to the size of the IPO RedotPay had been pursuing, suggesting the litigation touches a meaningful share of its user base rather than an isolated dispute.
Coverage of the delay is corroborated across reporting on RedotPay's stalled $1 billion U.S. IPO plan amid broader regulatory uncertainty facing stablecoin payments firms, indicating the postponement is not solely a function of the Binance-linked litigation but also reflects wider approval hurdles in the sector.
What remains unresolved is the outcome of the nearly $473 million claim against RedotPay's founders, including whether the allegations of user diversion will be contested or settled, and how a revised 2027-or-later timeline might shift again depending on the litigation's progress and the pace of regulatory approvals RedotPay is still seeking.