Binance finance chief Kaiser Ng to leave, Justin Yek named replacement
Binance's chief financial officer, Kaiser Ng, is leaving the crypto exchange to start a new venture. He will be replaced by Justin Yek, who previously worked as vice-president of finance at Airwallex, a payments company. The news comes from a Reuters report published on Saturday.
Binance is a large cryptocurrency exchange, a platform where people buy and sell digital assets. The chief financial officer, or CFO, is the executive who oversees a company's finances.
Key points at a glance
- Kaiser Ng is leaving Binance after more than five years at the company, according to a statement from Binance co-CEO Yi He obtained by Reuters.
- Yi He said a transition plan has been in place for the last half year.
- Justin Yek, formerly vice-president of finance at Airwallex, will take over as finance chief.
- Ng's LinkedIn profile says he has been Binance's CFO since January 2022 and earlier held the same role at crypto exchange Kraken for about five years.
- The announcement came a little more than a week after Binance suffered a record $6.3 billion hack.
What Binance's co-CEO said
"Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last half year," Yi He said in a statement obtained by Reuters.
The departure follows a record hack
The CFO's exit comes shortly after Binance was hit by the largest cryptocurrency theft on record. Hackers stole about $6.3 billion from the exchange on Oct. 29, Cointelegraph reported. Binance said it would absorb the losses rather than pass them on to customers.
The FBI and several researchers have attributed the attack to North Korean hackers. North Korea has denied that claim.
What is confirmed and what is not
Confirmed by the sources: Ng's departure, the statement from Yi He, Yek's appointment, and Ng's employment history as listed on his LinkedIn profile. The details of Ng's "new venture" are not described in the sources, and the sources do not say whether the hack played any role in his decision.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.