Binance names Justin Yek CFO as Kaiser Ng leaves

Binance is replacing finance chief Kaiser Ng with Justin Yek, a handover the exchange says was planned over the past six months. The change puts a former Airwallex finance executive in charge of Binance’s finance team as the exchange responds to a major hack. Reuters reported Binance’s announcement on November 7.

How is the finance chief changing?

The handover has three parts: Ng leaves, Yek takes over as CFO, and Binance’s co-CEO Yi He explains the timing. He said Ng had decided to pursue a new venture after more than five years at Binance. Yek, most recently vice-president of finance at payments firm Airwallex, is taking over the role.

Ng has served as Binance CFO since January 2022, according to Reuters. The company has not said when his departure takes effect or what his next venture is. That leaves the sequence clear, but the exact date of the switch undisclosed: Ng is leaving, and Yek is the named successor.

Was the change prompted by Binance’s hack?

Binance says the transition plan was implemented over the past half year, which places its planning before the October 29 hack. The timing is close: the CFO announcement came nine days after the attack, in which hackers stole about $6.3 billion in cryptocurrency, according to Reuters. The exchange said it would fully reimburse affected customers.

The timing alone does not show that the hack caused Ng’s departure. The Block reported Yi He’s statement about the six-month transition plan and noted that Binance did not disclose Ng’s departure date. The exchange has described the reason as Ng’s decision to pursue another venture.

What does the appointment change?

The CFO handover changes who leads Binance’s finance function. Yek brings prior finance experience at Airwallex; Ng’s role at Binance began in January 2022. The company has announced the successor, but has not published details about how responsibilities will be divided during the transition or whether there will be an overlap period.

For readers tracking the exchange’s response to the hack, the distinction is useful: Binance says the leadership change was planned months earlier, while the attack is a separate recent event that makes the timing more consequential. The next concrete detail to watch is when Yek formally assumes the role and Ng’s departure takes effect.

Source material

• reported Binance’s announcement — marketscreener.com
• reported Yi He’s statement about the six-month transition plan — theblock.co