Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years with the company, with Justin Yek appointed as his successor, according to an announcement made on Saturday, November 7.
The leadership change comes just over a week after hackers stole approximately $6.3 billion in digital assets from Binance in what has been described as the largest cryptocurrency theft on record.
Binance said Ng’s departure was planned before the October 29 security breach and is unrelated to the attack.
Finance Leadership Transition
Ng, who has served as Binance’s CFO since January 2022, announced that he intends to pursue an independent business venture.
In a public statement, Ng reflected on his experience in the digital asset industry and his decision to establish a business of his own.
Binance co-CEO Yi He confirmed that a transition plan had been implemented over the previous six months.
Justin Yek, who most recently served as vice president of finance at global payments company Airwallex, will assume responsibility for Binance’s finance operations.
Yek previously held positions at Morgan Stanley and Citi.
Cyberattack Raises Security Concerns
The management announcement follows an October 29 cyberattack in which hackers transferred approximately $6.3 billion in cryptocurrency from Binance wallets.
According to the company, attackers compromised employee computers through malicious software disguised as legitimate downloads and recruitment-related activities.
The FBI has attributed the attack to a North Korean hacking group known as TraderTraitor. North Korea has denied involvement.
Binance has pledged to cover affected customer losses using company resources.
In a November 3 update, the exchange reported that approximately 98% of affected token assets had been replenished and that about $2.85 billion in stolen assets had been frozen or intercepted.
The company continues to work with law enforcement and industry partners to investigate the breach and trace the stolen funds.
Binance has not announced a specific effective date for Ng’s departure. The company maintains that the CFO succession process began before the security incident.
