RedotPay, the largest crypto card provider, has pushed back its planned US IPO from this year to 2027 or later, per Bloomberg, as it works through regulatory approvals and a costly legal fight.

The delay follows a Hong Kong suit from Binance-linked entities against RedotPay's founders seeking about $473 million. They allege the founders broke a partnership agreement and improperly diverted more than 470,000 Binance Card users onto RedotPay's own card, a cohort Binance argues helped inflate RedotPay's valuation.

The listing, worked by JPMorgan, Goldman Sachs and Jefferies, had targeted a valuation above $4 billion and a raise of over $1 billion. RedotPay says it will vigorously defend all claims.