Binance finance chief Kaiser Ng is stepping down from the world’s largest cryptocurrency exchange to pursue a new venture, the company announced on Saturday. The leadership change comes in the immediate aftermath of a historic cybersecurity incident in which hackers stole $6.3 billion from the platform, Reuters said.
Binance Co-Chief Executive Officer Yi He confirmed the departure in a public statement, noting that Ng’s exit follows more than five years with the firm and had been prepared through a transition plan established over the preceding six months. Ng had served as Binance’s chief financial officer since January 2022, following earlier experience at rival exchange Kraken.
Justin Yek, an industry veteran who previously served as vice president of finance at global financial technology firm Airwallex, has been appointed as Binance’s new chief financial officer. Yek steps into the role during a critical period of operational and financial scrutiny for the digital asset exchange.
The executive transition follows a sophisticated breach that culminated on October 29 after malicious actors spent months compromising the computers of several company employees. According to Binance, the operation was executed via malware concealed within software downloads and coordinated through fraudulent job recruitment campaigns targeting engineering staff.
Binance has pledged to fully reimburse all customers impacted by the multi-billion-dollar theft. Meanwhile, the Federal Bureau of Investigation has attributed the cyberattack to a North Korean hacking syndicate, a charge that authorities in Pyongyang have rejected.
