Binance.US hires former PayPal exec as CFO ahead of IPO 'in the coming years'

Binance.US, the American affiliate of global crypto exchange Binance, has appointed a new chief financial officer (CFO) to help prepare the company for a potential future listing on the public markets.

Jasmine Lee, the former CFO and chief operating officer (COO) of fintech company Acorns, has joined Binance.US as CFO, the company announced on Thursday. Before Acorns, Lee was CFO and COO for the consumer product group at PayPal.

At Binance.US, Lee will oversee the company's financial operations, accounting, investor relations, treasury and tax. She will report to Brian Shroder, president and CEO of Binance.US, who said in today's statement that Lee will help the company prepare for an eventual initial public offering (IPO).

"Her experience at Paypal, a public Fortune 500 company, in particular, will be invaluable as we chart our path to an IPO in the coming years," Shroder said.

Lee said she looks forward to building a finance department at Binance.US "that lays a strong foundation for continued growth and our path to a future IPO."

When asked for more detail on when Binance.US plans to go public, a spokesperson said: "in the next 2-3 years." The company — which first revealed IPO plans last year — has yet to decide which exchange it will list its shares on, according to the spokesperson. Binance.US's rival Coinbase has been listed on Nasdaq since April 2021.

Lee is not the first CFO of Binance.US. That role was held by Joshua Sroge, who joined the company in January 2020 and left in October 2021, according to his LinkedIn profile. Eric Segal, who was acting as interim CFO, will leave the firm, the spokesperson said. 

While Binance.US has plans for an IPO, it's still looking to raise more funds after its first-ever $200 million round at a $4.5 billion pre-money valuation in April of this year.

The company spokesperson said, "Binance.US is well-capitalized and in a strong position for continued growth. That said, the company expects to raise additional capital in the coming months and years from strategic partners and value-add investors both opportunistically and as needed by the business."