Crypto Exchange Binance.US hires a new CFO in the middle of the market route

by Arthur · July 8, 2022

Binance.US, the US arm of the world’s largest cryptocurrency exchange, appointed a new CFO while navigating a deep decline in digital asset prices.

Palo Alto, California-based Binance.US said Jasmine Lee took over as CFO on Thursday, replacing interim CFO Eric Segal, who has been in the role since October. Mr. Segal has left the company, a spokesman said.

Bitcoin and other cryptocurrencies have fallen sharply in recent months as the Federal Reserve tightens monetary policy and raises interest rates. It puts pressure on crypto exchanges and platforms, with Voyager Digital Ltd.

petition for Chapter 11 bankruptcy protection earlier this week. Celsius Network LLC, another cryptocurrency lender, has hired lawyers to advise on a potential bankruptcy notice.

Despite the volatility, Binance.US remains “unabated and positions the company to thrive,” a spokesman said.

Lee most recently served as CFO and Chief Operating Officer for the start-up of digital investments Acorns Grow Inc. She became CFO in September 2019 and took over the role of Chief Operating Officer in 2021, when Acorns considered going public through a merger with a special purpose acquisition company. Acorns abandoned these plans this year.

Prior to Acorns, Lee rose through the ranks of finance company PayPal Holdings Inc., where she eventually had the dual roles of CFO and COO for the consumer product group.

Binance.US went through a change of leadership last year, when CEO Brian Brooks left after about three months in the role. He was succeeded by Brian Shroder, who became CEO in October. Mr. Brooks noted “strategic differences” when announcing his departure from Binance.US via Twitter.

The US Securities and Exchange Commission is investigating the company’s relationship with two companies that act as market makers and trade cryptocurrencies on Binance.US ‘exchange, The Wall Street Journal reported in February.

Trading Companies – Sigma Chain AG and Merit Peak Ltd. – has ties to Binance Holdings Ltd. founder Changpeng Zhao, and regulators are focusing on how these connections were revealed to customers, according to the Journal. Binance.US on Wednesday declined to comment on the status of the investigation. The SEC did not respond to a request for comment.

Binance.US said in June that they are eliminating fees on spot bitcoin trading. The movement was aimed at making crypto investments more accessible, Mr. Shroder said at the time.

As CFO, Ms. Lee heads Binance.US’s finance department and oversees financial operations and accounting, investor relations, treasury and tax matters. Her experience, especially from Fortune 500 company PayPal, will be “invaluable as we chart our path to an IPO in the coming years,” Shroder said in a press release.

Binance.US refused to make Ms. Lee available for an interview.

Write to Jennifer Williams-Alvarez at [email protected]

Appeared in the print edition on July 8, 2022 as “Binance.US Hires New CFO as Market Slumps”.