Binance’s chief financial officer, Kaiser Ng, has announced his departure from the company to pursue a new venture. The move comes after more than five years of service at the world’s largest cryptocurrency exchange. Binance Co-Chief Executive Officer Yi He confirmed the transition in a statement released on November 7, noting that Ng’s exit has been in the works for the past six months.
Taking over as the new CFO is Justin Yek, a seasoned finance executive who previously served as vice-president of finance at Airwallex. Yek’s appointment follows a tumultuous period for Binance, including a recent US$6.3 billion hack that targeted the platform. The breach, which began with malware hidden in software downloads and fake job recruitment efforts, was uncovered on October 29.
Binance has pledged to fully reimburse affected customers, though the FBI has attributed the attack to a North Korean hacking group, a claim denied by Pyongyang. Ng, who joined Binance as CFO in January 2022, has a background in the crypto industry, having previously worked at rival exchange Kraken.