Binance.US, the US partner of the world’s largest cryptocurrency exchange, named former PayPal Holdings executive Jasmine Lee as chief financial officer on Thursday.
Lee most recently served as CFO and COO of investing app Acorns. Prior to that, she spent eight years at PayPal in leadership roles.
His appointment comes at a time when investors are shedding digital assets over fears that aggressive interest rate hikes by global central banks could trigger an economic downturn.
The crypto industry has also been in the crosshairs of regulators who fear the meltdown in the volatile market could hit the wider financial sector. This prompted a push for more rules on the largely unregulated industry.
“His experience at Paypal … will be invaluable as we chart our path to an IPO in the years to come,” chief executive Brian Shroder said in a statement.
Lee replaces interim chief financial officer Eric Segal, who had held the position since October and has now left the company, The Wall Street Journal reported, citing a company spokesperson.
Launched in 2019, Binance.US had reached 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 office.