Binance.US, the U.S. partner of the world's largest cryptocurrency exchange, named former PayPal Holdings executive Jasmine Lee as its chief financial officer on Thursday.
Lee most recently served as the CFO and chief operating
officer of investing application Acorns. Before that, she spent eight years at
PayPal in top executive roles.
Her appointment comes at a time when investors have been
dumping digital assets on fears that aggressive interest rate hikes from global
central banks would spark an economic slowdown.
The crypto industry has also been in the crosshairs of
regulators who worry that the meltdown in the volatile market could hit the
broader financial sector. That has prompted a push for more rules on the
largely unregulated industry.
"Her experience at Paypal ... will be invaluable as we
chart our path to an IPO in the coming years," said Chief Executive Brian
Shroder 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 had fetched a pre-money
valuation of $4.5 billion in April when it raised $200 million in a funding
round.
Last year, the company's former chief executive Brian Brooks
resigned just three months after taking up the role.
Recently, Binance US said it is looking to bring-in some
more millions in funding in the continuation of its seed round of investments
in the coming days. The US-focussed subsidiary of the global crypto exchange is
expecting to raise around $50 million. Binance US is currently under the
scanner of the US government for legitimacy verification.
While Binance US has not announced elaborate details about
this upcoming investment round, its CEO Brian Shroder did give a hint about it
to the media. © Reuters