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Binance’s finance chief Kaiser Ng to leave company, report says
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Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years, according to co-CEO Yi He in a statement obtained by Reuters on Saturday. Ng decided to pursue a new venture, with a transition plan implemented over the past half year, the statement said. Justin Yek, formerly vice-president of finance at Airwallex, will replace him, the report said.
Ng has been Binance’s CFO since January 2022, according to his LinkedIn profile. He previously held the same role at crypto exchange Kraken for about five years. His exit marks a senior leadership change at one of the world’s largest crypto platforms.
The news comes a little more than a week after Binance was hacked for a record $6.3 billion. Cointelegraph reported that hackers stole the funds on Oct. 29 in the largest cryptocurrency theft on record. Binance said it would absorb the losses rather than pass them to customers.
The FBI and several researchers attributed the attack to North Korean hackers, a charge the country has denied. The theft’s scale has intensified scrutiny of security practices at major crypto exchanges. It also underscores operational risks for platforms holding large customer assets.
Binance’s decision to absorb the losses may aim to protect customer confidence. Still, the hack and CFO transition draw attention to governance and risk management. The company has not indicated the two events are connected.
Yi He’s statement emphasized a planned transition, suggesting continuity in Binance’s finance leadership. Yek brings experience from Airwallex, a fintech payments firm. Binance has not detailed further finance team changes.
The departure and hack may shape perceptions of Binance’s stability. Observers will watch whether it strengthens security and financial controls. Binance says its transition plan is in place and losses will be covered.
