Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange to pursue a new venture, ending a tenure that spanned more than five years. Binance co-CEO Yi He confirmed the departure in a statement obtained by Reuters, noting that a transition plan has been implemented over the past six months.
Justin Yek, the former vice-president of finance at payments firm Airwallex, will replace Ng. The leadership change comes as Binance continues to manage the aftermath of a significant security breach in late October.
Succession and transition
Ng joined Binance as CFO in January 2022, according to his LinkedIn profile. Prior to that role, he served as CFO at crypto exchange Kraken for approximately five years. Yi He stated that Ng’s decision to leave was made after more than five years at the company, with the transition process already underway for the last half year.
Yek brings experience from Airwallex, where he held the position of vice-president of finance. His appointment marks the next phase in Binance’s financial leadership structure following Ng’s exit.
Context of recent security incident
The executive departure follows a major security incident on Oct. 29, when hackers stole approximately $6.3 billion from Binance, marking the largest cryptocurrency theft on record. Binance stated it would absorb the losses rather than pass them on to customers.
The FBI and several researchers have attributed the attack to North Korean hackers, a charge that North Korea has denied. The exchange has not linked Ng’s departure to the security breach, citing his pursuit of a new venture as the primary reason for his exit.
