Binance.US has named a new CFO, sending a strong signal that the crypto company is gearing up to go public. Jasmine Lee, who previously served as CFO and chief operating officer at Acorns, will lead Binance.US' finance department as the company prepares for an IPO in two to three years, the company said Thursday.
“I feel incredibly lucky to join [this] team at such an exciting time to focus on accelerating our growth trajectory and beginning our journey to IPO,” Lee, who was also CFO and COO of PayPal’s consumer product group, told Protocol in an email.
The appointment comes at a time when Binance.US, the U.S. partner of the world’s biggest crypto marketplace, is navigating a severe downturn, which saw the cryptocurrency market shed $2 trillion in value in the last seven months.
But CEO Brian Shroder told Protocol the company is facing the “crypto winter in a position of strength,” which has enabled Binance.US to continue growing while preparing for a public offering.
In announcing Lee’s appointment, Shroder highlighted her experience at PayPal, which he noted is “a public Fortune 500 company,” which he said will be “invaluable as we chart our path to an IPO in the coming years.”
Binance.US is not technically an arm of Binance, the world's largest crypto exchange. Instead, it's operated by BAM Trading Services, a Palo Alto company, which licenses the Binance name and technology.
Binance.US has been working to raise its profile in Washington recently, leaving the Blockchain Association trade group in favor of setting up its own lobbying operation.