Binance names Justin Yek CFO as Kaiser Ng leaves after five years

Binance said on Nov. 7 that CFO Kaiser Ng is leaving after more than five years, with Justin Yek taking over as finance chief, Reuters reported. The handover puts a leadership change in Binance’s finance function alongside its response to a $6.3 billion theft, while the exchange says the transition was planned six months ago. Co-CEO Yi He said Ng is leaving to pursue a new venture.

Was Ng’s departure tied to the October 29 hack?

The timing is close, but Binance said the transition plan had been in place for half a year, before the October 29 attack. The exchange said hackers stole $6.3 billion in cryptocurrency, and that the breach began months earlier after several employees’ computers were compromised. Binance said it would fully reimburse affected customers, according to Reuters.

The Block’s report said the announcement came nine days after the hack and noted that Yi He described the transition as planned. Neither the reported statement nor the timeline establishes a connection between the breach and Ng’s departure. The timing does, however, make continuity in finance leadership salient as Binance addresses the theft and reimbursement.

Who is taking over Binance’s finance function?

Justin Yek, most recently vice-president of finance at payments firm Airwallex, is replacing Ng as CFO. Reuters described Yek as a longtime finance executive, while The Block also identified his Airwallex role. Ng has served as Binance CFO since January 2022, according to Reuters.

The handover keeps the finance post within a planned transition, but the available reports do not detail how responsibilities will be transferred or whether other finance leadership roles will change. Binance’s statement, as reported by The Block, did not give a date when Ng’s departure takes effect. It also did not name the venture he plans to pursue.

What details about the handover remain open?

The precise timing and operational terms of the change remain unspecified in the reports. Binance has said a transition plan was implemented over the past six months, but has not publicly described its stages or the point when Yek formally assumes the role. That leaves the announcement clear on the successor and the reason given for Ng’s exit, while the mechanics of the handover remain undisclosed.

References

• Reuters reported — marketscreener.com
• The Block’s report — theblock.co