Binance has announced a leadership change in its finance department, with Chief Financial Officer Kaiser Ng stepping down and Justin Yek appointed as his successor, days after the cryptocurrency exchange suffered a reported $6.3 billion security breach.
Ng is leaving to pursue a new venture after more than five years at the world's largest cryptocurrency exchange, according to Binance co-CEO Yi He. The company said a transition plan had been in place for the past six months, indicating that the departure was not a sudden response to the recent cyberattack.
Yek, who previously served as vice-president of finance at global payments company Airwallex, will take over as Binance's new finance chief. His appointment brings a finance executive with experience in the digital payments industry into a critical leadership position as the exchange navigates growing operational and regulatory demands.
Ng became Binance's CFO in January 2022 and previously worked at rival cryptocurrency exchange Kraken. His departure marks the end of a tenure spanning a period in which Binance expanded its global operations while facing regulatory scrutiny and pressure to strengthen its financial and compliance structures.
The timing of the announcement has attracted attention because it comes shortly after the exchange disclosed a major cryptocurrency theft on October 29. Binance said hackers stole approximately $6.3 billion in digital assets following a months-long operation involving compromised employee computers, malicious software and fraudulent recruitment approaches targeting engineers.
The company said the attackers used the compromised access to execute unauthorised transactions. Binance has pledged to cover the losses and reimburse affected customers rather than pass the financial impact to users.
The Federal Bureau of Investigation has attributed the attack to North Korean hackers, although Pyongyang has denied the allegation.
Binance's leadership transition therefore comes as the company works to restore confidence in its security systems and demonstrate that customer funds remain protected. The incident has also renewed questions about the vulnerabilities of centralised cryptocurrency exchanges, which hold substantial digital assets on behalf of customers.
Despite the close timing, Binance has maintained that Ng's departure was planned well before the breach. The company has not indicated that the security incident prompted his exit.
The appointment places Yek at the centre of Binance's financial management as the exchange deals with the consequences of the attack, changing regulatory expectations and competition across the global digital asset industry.
