Binance.US taps Former Paypal Exec. as New CFO as The Crypto Exchange Formulates an IPO 8

Binance.US taps Former Paypal Exec. as New CFO as The Crypto Exchange Formulates an IPO

Summary:

  • Binance.US has hired former Acorns COO and Paypal CFO Jasmine Lee as its new Chief Financial Officer.
  • Binance.US CEO highlighted that the move would complement the crypto exchange’s plans for an IPO down the line, possibly from 2024 to 2025.
  • Ms. Lee’s experience as a COO will be pivotal in the process leading up to a Binance.US IPO.

Binance.US has announced that it has hired former Acorns and Paypal executive Jasmine Lee as its new Chief Financial Officer.

Ms. Lee worked at Acorns as its Chief Operating Officer from August 2021 to June 2022 and took up the additional role as its CFO between September 2020 and August 2021. Ms. Lee’s tenure at PayPal was between March 2017 and 2019, when she first worked as its CFO and then also transitioned to holding both the COO and CFO positions.

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Binance.US is Planning an IPO That Could Happen in 2024 or 2025.

In an interview with Fortune magazine, Ms. Lee expressed optimism about the new role explaining that she has always ‘wanted to be in the crypto and DeFi space’ and that she was ‘attracted to the company’s growth potential and unique positioning in the U.S.’

Binance.US CEO, Brian Shroder, told Fortune magazine that Ms. Lee’s experience as a COO and CFO would be pivotal in the crypto exchange’s plans for an IPO in the near future. He said:

We are on a very clear pathway to grow multiple products and services on [the way] to IPO, and we felt that Jasmine was the perfect fit for us on this journey. She’s a go-getter.

Obviously we would be a fool if we didn’t take advantage of her other operating expertise and knowledge.

An exact date for the Binance.US IPO has not been announced. However, it will probably happen sometime in 2024 or 2025. Mr. Shroder also believes that Ms. Lee’s experience at companies ‘with similar licensing and regulatory frameworks puts her in a good position for the new job.’

Her main tasks will be assisting the crypto exchange prepare for investor scrutiny and ‘building well-established processes and effective controls for managing business risks.’ She will also assist in streamlining the processes at Binance.US to adhere to auditing, accounting, and internal controls.