Crypto Exchange Binance.US Appoints Former PayPal Executive As CFO
Binance.US, the US partner of the world’s largest cryptocurrency exchange, on Thursday named former PayPal Holdings executive Jasmine Lee as its chief financial officer.
Lee most recently served as CFO and Chief Operating Officer of investment application Acorns. Prior to that, she spent eight years at PayPal in top executive roles.
His appointment comes at a time when investors are dumping digital assets out of fear that aggressive interest rate hikes from global central banks will trigger an economic slowdown.
The crypto industry has also been under the crosshairs of regulators, who worry that a downturn in a volatile market could affect the broader financial sector. This has led to a push for more regulations on the largely unregulated industry.
“His experience at PayPal will be invaluable as we work our way to an IPO in the coming years,” Chief Executive Officer Brian Schroder said in a statement.
Lee replaces interim CFO Eric Segal, who had held the role since October and has now left the company, the Wall Street Journal reported, citing a company spokesman.
Launched in 2019, Binance.US achieved a pre-money valuation of $4.5 billion in April when it raised $200 million in a funding round.
Last year, Brian Brooks, the company’s former chief executive officer, resigned just three months after taking the role.