Binance’s chief financial officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years to embark on a new business venture. His departure follows a planned transition process that has taken place over the past six months, according to a statement from Binance co-CEO Yi He released on Saturday.
Leadership changes at Binance
Kaiser Ng has held the position of chief financial officer at Binance since January 2022, as indicated on his LinkedIn account. Previously, he served in a similar role at Kraken, another major cryptocurrency exchange, for approximately five years.
Ng will be succeeded by Justin Yek, who previously worked as vice-president of finance at Airwallex, a global fintech company specializing in digital payment infrastructure. Binance stated that the leadership transition had been carefully planned before the recent security incident.
Mini dictionary: Airwallex is a global financial technology company based in Australia, offering cross-border payment solutions and financial services for businesses. The firm is recognized for its digital payment infrastructure supporting international transactions.
“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,” Binance co-CEO Yi He stated.
$6.3 billion hack at Binance
The announcement of Ng’s departure comes just over a week after Binance experienced a major security breach. On October 29, hackers reportedly stole $6.3 billion from the platform, making it the largest cryptocurrency theft recorded to date.
Following the incident, Binance stated its intention to absorb the losses internally, ensuring customers would not be affected by the theft.
| Incident | Date | Amount Stolen | Custodian Response |
|---|---|---|---|
| Binance Hack | Oct. 29 | $6.3 billion | Binance absorbs losses |
The FBI and several independent researchers have attributed the attack to hackers from North Korea, although the country’s officials have denied any involvement.
Crypto sector faces growing threats
The record-breaking hack at Binance is part of a broader pattern of increasing security concerns affecting digital asset exchanges in Asia and internationally. Security experts have noted that prominent exchanges are strengthening security protocols in response to these threats.
In recent analysis, regional industry coverage has described a wave of breaches in which sophisticated hacker groups target exchanges holding large volumes of assets.
Binance, founded in 2017, is currently one of the world’s largest cryptocurrency exchanges by trading volume, serving millions of users globally.
Industry observers are monitoring how Binance will navigate these dual challenges of executive transition and heightened cybersecurity risks.
