RedotPay’s Binance Growth Engine Now Blocks Its US IPO

RedotPay has pushed its planned US IPO beyond 2026, targeting a raise of more than $1 billion at a valuation above $4 billion, while it seeks further regulatory approvals and defends a nearly $473 million lawsuit from Binance-linked entities. The Hong Kong stablecoin payments firm, advised by JPMorgan Chase, Goldman Sachs and Jefferies, secured a US money transmitter licence this week and reported 8.5 million users with about $180 million in annualized revenue for the second quarter of 2026.

A spokesperson declined a revised timetable, saying priorities remain global compliance, expansion and US market entry. The delay arrives just as the company’s fastest growth channel has turned into its largest legal liability.

The Listing Window Slips Past This Year

Bloomberg first reported the postponement on 14 August 2026, citing people familiar with the matter. The New York listing, once eyed for as soon as this year, is now unlikely before 2027 or later. RedotPay had considered the offering after reaching unicorn status and lining up the three banks.

• Planned raise: more than $1 billion
• Target valuation: exceeding $4 billion
• Q2 2026 metrics: 8.5 million users, ~$180 million annualized revenue
• Licence: US money transmitter secured this week

The company said user numbers, revenue, profit and margins recently hit records. It has also discussed raising up to $150 million in private funding, separate from any public offering, while adjusting its structure.

How a Commercial Channel Turned Into a $473 Million Claim

Binance-linked entities filed the Hong Kong suit in early August 2026 against RedotPay’s founders. Plaintiffs including Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore allege the founders used confidential information from prior work with Binance to build a rival and diverted more than 470,000 Binance Card customers. Damages sought approach $473 million. One filing detail notes roughly $304 million flowed through RedotPay cards funded via Binance Pay before that channel closed.

RedotPay stated: “We will vigorously defend all claims.” It added that the company rejects the unfounded allegations against it and its co-founders. A parallel Singapore matter remains contested; RedotPay expected discontinuation while Binance said claims stay active.

The commercial history runs as follows:

• November 2023: first commercial agreement between the sides
• March 2025: second agreement requiring fund segregation; card top-ups restricted
• April 2026: Binance ends the arrangement after a merchant partner review
• August 2026: Hong Kong petition filed seeking the damages

Under the later deal, Binance customers could use Pay funds for crypto-to-fiat conversion, transfers and branded goods, but not card top-ups. The suit alleges the restriction was breached.

Users and Revenue Kept Climbing Anyway

Founded in April 2023, RedotPay scaled fast on stablecoin cards, multi-currency wallets and global payouts. By the September 2025 unicorn round it already showed over 5 million users and $10 billion TPV annualized. Coinbase Ventures joined that $47 million strategic investment alongside Galaxy Ventures and Vertex Ventures.

December 2025 brought a $107 million Series B led by Goodwater Capital, with Pantera Capital, Blockchain Capital, Circle Ventures and others. Total 2025 capital reached about $194 million. By then the firm reported over 6 million users, still above $10 billion annualized volume and more than $150 million annualized revenue while profitable.

CEO and co-founder Michael Gao has repeatedly framed the mission around accessible digital finance. The latest internal figures put users at 8.5 million in Q2 2026 with revenue still rising. That growth trajectory, partly built on the very Binance corridor now in dispute, underpinned the $4 billion valuation talk that once supported a 2026 listing.

A Fresh Licence Opens the US Door

Despite the IPO shift, RedotPay obtained a US money transmitter licence this week and is preparing product launch. Earlier it held FinCEN MSB registration mainly for internal infrastructure and cross-border processing, with notes that it did not then serve US citizens directly. The new licence supports the stated push into the market.

The company continues chasing approvals across jurisdictions even as the Hong Kong case proceeds without a final ruling. Expansion and compliance sit ahead of any public timetable, according to its latest comments.

Banks Still on the Mandate, Private Cash in Talks

JPMorgan, Goldman Sachs and Jefferies remain the reported advisors on the potential listing. Separately, discussions around up to $150 million in private capital surfaced earlier in 2026 at the same elevated valuation range, intended to fund compliance, acquisitions and hiring before any IPO. That raise would stand alone from the public plan.

Executive turnover and the absence of a permanent CFO at one stage drew attention during the pre-IPO window, yet the banks stayed engaged. The private option now offers a bridge while litigation and further licences run their course.

Why the Same Numbers Now Cut Both Ways

The user and volume figures that once made RedotPay look like a clean stablecoin-payments pure play are the same numbers Binance affiliates treat as evidence of diversion. Crowd reaction on X quickly noted that questioning the source of hundreds of thousands of card users undercuts the valuation story more sharply than a simple calendar slip. Compliance and legal overhangs, observers said, can outweigh even strong growth claims in this corner of crypto.

Comparable paths exist. Attention on stablecoin issuer Circle’s public path shows how reserve and regulatory clarity can support premiums. At the same time, broader warnings about retail risks in the new IPO wave apply when legal contingencies remain open. Crypto-related court fights themselves stay under a microscope, as seen in coverage of crypto lawsuit dismissals under scrutiny.

We will vigorously defend all claims. The Company rejects the unfounded allegations made against it and its co-founders.

That remains RedotPay’s public line. The court has issued no final ruling. Binance has said it will pursue what is right where necessary.

Records Keep Coming While the Calendar Moves

RedotPay enters the delay period with fresh highs in users, revenue and margins, a newly granted US money transmitter licence, and retained bank advisors. The $473 million claim over the old commercial channel sits unresolved in Hong Kong, with a contested Singapore thread. Private funding talks of up to $150 million provide one buffer. No new firm IPO date has been set. The growth that once justified the $4 billion ambition is now the fact pattern both sides will litigate, and that fact alone has already moved the listing past 2026.