Binance.US, a cryptocurrency exchange, announced that veteran CFO of payments Jasmine Lee would join the company to help pave the way for a prospective initial public offering (IPO).
BNB has continued to operate despite the sluggish cryptocurrency market.
The United States has intentions of going public. A business spokesman said in an email that Lee would help guide Binance.US through its ambitions for an initial public offering. The spokesman also added that financial markets globally are under pressure today for multiple macro and idiosyncratic causes.
A representative wrote, that they are aiming for an IPO in two to three years. Although they anticipate a more favorable climate at that time, they are realistic enough to know that any market’s pull-downs and times of volatility are inevitable. they’re setting up shop in a way that will allow us to weather the storm and emerge stronger in the future.
Before joining Acorns, Lee was the Chief Financial Officer and Operating Officer at PayPal, overseeing the consumer product and engineering teams. According to her LinkedIn profile, she also served as a chief financial officer (CFO) for the company’s worldwide consumer product and Xoom, a payment corporation owned by PayPal. Initially, she worked for Ernst & Young as an auditor.
Binance.US Report
According to a report by CoinDesk, a California-based crypto platform in the U.S. announced in 2019 that it would no longer offer services to U.S. citizens. It is due to regulatory scrutiny roughly a day after noting plans to expand to the country.
A few weeks after the platform’s elimination of spot trading fees for bitcoin, Binance appointed Lee as its chief financial officer.
CoinTelegraph reported on June 23 that U.S. President and CEO Brian Shroder said the move would generate good user feedback and expand access to cryptocurrencies.
After the collapse of stablecoins like Luna, the cryptocurrency market has been in a tailspin, with bitcoin’s value falling by 60 percent between April and June, Bloomberg reported on Monday. It was bitcoin’s worst quarter ever. During this time, there was also a steep fall in the total value of crypto projects’ managed assets.
Current Market
A representative from Binance.US recently commented via email on the current state of the cryptocurrency market, saying they are seeing market participants today run into concerns around using leverage. Since Binance.US hasn’t provided its users with margin trading, the exchange is safe from these concerns. Jasmine’s primary responsibilities as CFO include ensuring that Binance.US’s operations and prudent stewardship of customer assets are rock solid regardless of the business climate.
As a result of a defaulted debt to Three Arrows Capital and sustained market instability, cryptocurrency brokerage Voyager filed for Chapter 11 bankruptcy on Wednesday. It joined other companies that have recently shuttered operations.
While Facebook’s parent company, Meta, has announced plans to shut down its Novi digital wallet, one of the last bastions of the social media network’s Libra project, designed to help it force its way into the cryptocurrency market, this week. Effective September 1, the company will cease operations in Novi.
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