Key takeaways
- Binance CFO Kaiser Ng departs after five years
- Former Airwallex executive Justin Yek takes over finance
- Exchange denies leadership change relates to $6.3 billion hack
Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange, with former Airwallex executive Justin Yek appointed as his successor just nine days after the company suffered a $6.3 billion security breach.
The leadership change was announced on November 7 by Binance co-CEO Yi He, who said Ng had decided to pursue a new venture following more than five years at the company. Binance said the transition had been planned for over six months and was unrelated to the October 29 attack.
The announcement comes as Binance continues implementing the recovery measures outlined in its official security incident report, including reserve replenishment, infrastructure rebuilding and an independent cybersecurity review.
Binance Names Justin Yek CFO After Kaiser Ng's Departure
Ng has served as Binance's chief financial officer since January 2022, overseeing financial operations during a period of substantial regulatory and business changes.
Before joining Binance, he worked at cryptocurrency exchange Kraken. His next venture and the precise effective date of his departure have not been publicly disclosed.
His replacement, Justin Yek, most recently served as vice president of finance at Airwallex, a global payments and financial infrastructure company.
According to Airwallex's original leadership announcement, Yek joined the company in February 2023 as head of strategic finance and corporate development.
His earlier experience includes positions at Morgan Stanley and Citi, providing a background in banking, corporate finance and financial technology.
The appointment comes at a particularly sensitive time for Binance, whose post-hack customer withdrawals reached approximately $4.72 billion in net outflows after services began reopening.
However, Binance has explicitly rejected any connection between the security incident and Ng's departure.
Binance Replenishes 98% of Assets After Record Hack
The October 29 breach affected approximately $6.34 billion in cryptocurrency across multiple blockchains, making it one of the largest reported thefts in digital asset history.
An earlier blockchain investigation traced the attack to initial XRP transfers before unauthorized activity spread to Bitcoin and Ethereum wallets.
Binance subsequently disclosed that attackers used fraudulent recruitment interviews, malicious downloads and compromised internal systems to gain access to sensitive infrastructure.
The exchange has pledged to absorb the losses rather than pass them on to customers.
According to its November 4 recovery update, Binance had replenished approximately 98% of affected assets using its own resources.
Its latest proof-of-reserves snapshot expanded coverage to 44 cryptocurrencies, compared with ten in the previous report.
New Finance Chief Faces Major Recovery Challenge
The exchange's recovery remains incomplete despite substantial progress in rebuilding customer asset backing.
Its previous reserve verification confirmed backing for major cryptocurrencies, while the remaining less-liquid assets required additional purchases.
Binance has also committed to strengthening internal security, including tighter device controls, expanded AI-based monitoring and external cybersecurity assessments.
The incident has already prompted greater scrutiny of Binance's cryptocurrency reserves, particularly as large asset transfers complicate interpretations of exchange liquidity.
