Binance has named Justin Yek as its new chief financial officer, taking over from Kaiser Ng, who is stepping down after four years in the role. Yek, formerly the vice president of finance at Airwallex, will inherit a challenging task: restoring trust in the world’s largest cryptocurrency exchange following a massive security breach. On October 29, hackers stole an estimated $6.3 billion from Binance, an incident the company later attributed to North Korean hackers using social engineering tactics.
The breach has raised questions about Binance’s internal controls and cybersecurity measures. While the exchange has replenished 98% of the stolen funds and assured users they won’t bear the losses, the incident has underscored the financial and reputational risks associated with cyberattacks. Yek’s background in corporate finance and dealmaking, honed at Citi, Morgan Stanley, and Airwallex, may help him navigate these challenges, though he lacks direct experience in crypto exchanges.
Cybersecurity has become a top concern for finance chiefs, according to Deloitte’s Q3 2026 CFO Signals survey, with 50% of respondents citing it as their primary external worry. At Binance, Yek’s first major test will be addressing these concerns and reassuring customers and regulators that their assets are secure.