Hong Kong-based RedotPay, which offers physical and virtual cards for crypto transactions, has been in deliberations and regulatory troubles for months, according to the report, which cited unnamed sources. It is also still in discussions with investors about a possible pre-IPO funding round that would place its valuation at between $4 billion and $5 billion.

RedotPay’s crypto-related services are aimed at people who want to use their digital assets for real-world purchases like paying bills, with much of its business concentrated on stablecoins, the report…