Binance’s chief financial officer, Kaiser Ng, has announced his departure from the company to pursue a new venture. The move comes just days after the world’s largest cryptocurrency exchange suffered a record-breaking hack, resulting in the theft of US$6.3 billion in cryptocurrency. Ng, who has been with Binance since January 2022, will be replaced by Justin Yek, a finance executive formerly with Airwallex.
The transition plan for Ng’s departure has been in the works for the past six months, according to Binance Co-Chief Executive Officer Yi He. The announcement follows a major security breach on October 29, which Binance attributed to malware hidden in software downloads and fake job recruitment efforts targeting engineers. The exchange has pledged to fully reimburse affected customers.
The FBI has accused a North Korean hacking group of orchestrating the attack, a claim denied by Pyongyang. Ng’s departure and the recent hack highlight ongoing challenges for Binance, even as it remains the dominant player in the cryptocurrency exchange space.