Hong Kong-based stablecoin payments company RedotPay said on Sept. 28 that it has completed both its financial audit and a review of its anti-money laundering and counter-terrorist financing controls. The company said both tasks were handled by one of the Big Four accounting firms, though it did not name which one. RedotPay described the financial audit as a required part of a U.S. IPO prospectus, while the compliance review was presented as another step in its listing preparation process.
The update follows reports in August that the company had delayed its U.S. listing because of regulatory approvals and legal issues. A company spokesperson denied that claim at the time, saying the IPO had not been postponed and that RedotPay was continuing to work with partners on the listing process. The company did not provide a specific listing date. RedotPay’s app allows users to hold stablecoins and spend them through a linked Visa card, while also supporting cross-border transfers.
Hong Kong-based stablecoin payments company RedotPay said on Sept. 28 that it has completed its financial audit and a review of its anti-money laundering and counter-terrorist financing controls.
The company said both processes were conducted by one of the Big Four accounting firms, but it did not disclose which firm was involved.
RedotPay said the financial audit is a required component of a U.S. IPO prospectus. It also described the compliance review as another part of its preparation for a public listing.
In August, reports said RedotPay had delayed its U.S. listing because of regulatory approvals and legal issues. A company spokesperson rejected that claim at the time, saying: "Our IPO has not been delayed, and we are continuing to work with partners to move the listing process forward."
RedotPay has not provided a specific IPO date.
The company allows users to hold stablecoins in its app, make payments through a linked Visa card, and complete cross-border transfers.
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