In the midst of a major regulatory crackdown on the crypto industry, Lindsey Argalas, the chief operating officer at crypto accounting firm TaxBit, has been appointed as its new chief executive.
Further, this leadership transition coincides with the Securities and Exchange Commission (SEC) suing two of the largest crypto exchanges, Coinbase and Binance, accusing them of operating unregistered securities exchanges.
TaxBit Thrives Amid Regulatory Scrutiny
Despite the regulatory scrutiny, TaxBit, founded in 2017 by Austin and Justin Woodward, is exceptionally well-positioned to thrive. The company serves as the audit partner for the Internal Revenue Service (IRS), diligently ensuring tax compliance for companies holding digital assets, especially as industry guidance continues to evolve.
Notably, TaxBit boasts major brands such as Block, Google, PayPal, Fidelity, and Ralph Lauren among its esteemed paying customers.
A Milestone: Argalas Becomes CEO, Few Female Leaders in Crypto
Argalas’ appointment as CEO marks a significant milestone for the company. She becomes one of the few female CEOs in major crypto enterprises, achieving this position just one year after joining TaxBit.
Moreover, with over 20 years of experience in fintech and international expansion, Argalas brings valuable expertise to her new role, which is her first fully crypto-focused position.
Focus on Strategic Partnerships and Innovation
As Austin Woodward transitions to Chairman of the Board, he will dedicate his efforts to nurturing strategic partnerships, fostering innovation, and providing guidance to ensure TaxBit’s ongoing success. This transition allows Woodward to leverage his expertise and drive the company forward in these key areas.
In June 2022, Argalas joined TaxBit from Banco Santander, where she led digital innovation for the global bank and gained valuable experience exploring blockchain technology in cross-border payments. Prior to her time at Banco Santander, during her tenure at Intuit, Argalas diligently focused on international expansion across Asia, Europe, and Latin America.
Since joining TaxBit, she has seamlessly transitioned into her role, effectively overseeing the company’s expansion into providing accounting services and successfully acquiring new clients, such as CashApp.
Acquisitions, Partnerships, and International Expansion
Recently, TaxBit made a significant move by acquiring crypto accounting firm Tactic and establishing partnerships with renowned accounting firms like Deloitte, KPMG, and Ernst and Young.
Further, with an impressive funding history, having raised $240 million and achieving a valuation of $1.33 billion in August 2021, the company is in a strong position for future growth.
Looking ahead, Argalas anticipates additional opportunities for acquisitions in the coming months. Moreover, she emphasises the importance of international expansion as a response to the escalating regulatory actions in the United States.
TaxBit on a Commitment to Enduring Success
TaxBit, recognized as the only crypto newcomer in this year’s Forbes Fintech 50 list, remains confident in its path forward.
Further, Argalas states that the company has “significant” runway and does not have immediate plans to raise capital. The ability to adapt and manoeuvre skillfully, demonstrated by Woodward’s transition to Chairman and Argalas’ appointment as CEO, positions TaxBit for enduring success.
TaxBit aims to provide software and tools to assist regulators and governments worldwide in fulfilling their responsibilities. Moreover, TaxBit recognizes the importance of offering solutions that ensure compliance, while promoting growth and innovation in the crypto space.
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