RedotPay said to put $1 billion U.S. IPO plan on hold: Bloomberg
RedotPay has reportedly delayed its $1 billion U.S. IPO until at least 2027 to focus on regulatory compliance and market expansion. The company is currently facing a legal dispute with Binance regarding user acquisition.
Why it matters
It highlights the regulatory and legal hurdles faced by crypto-fintech firms attempting to transition into traditional public markets.
The listing, initially planned for this year, is unlikely to take place before 2027, the people told the financial news organization.
"Our strategy continues to focus on global regulatory compliance and business growth,” a RedotPay spokesperson told CoinDesk via Telegram. “This week we obtained a money transmitter license in the U.S. We are preparing to launch our product in the U.S.”
The spokesperson declined to comment on the IPO plan, which emerged in February. Hong Kong-based RedotPay is said to have tapped JPMorgan, Goldman Sachs and Jeffries for the potential listing.
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