Binance CFO Kaiser Ng reportedly to step down; Justin Yek set to replace. 8 seconds ago Binance's chief financial officer, Kaiser Ng, is reportedly stepping down after more than five years with the exchange, according to a statement provided to Reuters. Binance said it has already implemented a transition plan over the past half year, signaling the move was planned rather than abrupt. Ng is expected to be replaced by Justin Yek, previously vice-president of finance at Airwallex, according to the same report. The personnel change arrives only a little over a week after Binance disclosed a major hack in which attackers reportedly stole a record $6.3 billion. Key takeaways. * Kaiser Ng is leaving Binance after more than five years, with a transition plan in place for the past six months, Binance said via Reuters. * Justin Yek is named as the incoming finance chief, coming from Airwallex where he served as vice-president of finance. * Ng has been CFO since January 2022, and previously held a similar role at Kraken for about five years, according to his LinkedIn profile. * The leadership shift follows a major Binance hack reported as a record $6.3 billion theft, prompting renewed focus on risk controls and internal resilience. Planned CFO transition at Binance. Binance co-CEO Yi He said Ng has decided to pursue a new venture after more than five years at the company, and that a transition plan has been underway during the last half year. The framing suggests the finance leadership change was managed internally well before the announcement. Ng's career history, as reflected in his LinkedIn profile, shows he became Binance's CFO in January 2022. Before that, he served as CFO at Kraken for roughly five years, maintaining a continuity of executive experience across major crypto trading platforms. Who will replace Ng. According to the Reuters report, Justin Yek will take over as Binance's finance chief. The report states Yek previously worked as vice-president of finance at Airwallex, an experience that - while not directly tied to crypto infrastructure - may be relevant for scaling finance operations, governance, and cross-border oversight as crypto firms expand their global footprint. For investors and business partners, the immediate question is less about résumé comparisons and more about execution: finance leadership typically plays a central role in how an exchange handles reserves, loss accounting, audits, and reporting - especially after high-profile security incidents. Backdrop: the record $6.3 billion hack. The CFO departure comes amid heightened scrutiny of Binance's security posture following the hack that regulators, researchers, and law enforcement have been investigating. A little more than a week before Reuters' report, Cointelegraph reported that hackers stole about $6.3 billion from Binance on Oct. 29, calling it the largest cryptocurrency theft on record. Binance reportedly said it would absorb the losses rather than pass them on to customers, a decision that can matter for trust and market stability because it shapes how users evaluate counterparty risk and operational continuity. Attribution has also been contested. The hack has been linked to North Korean hackers by the FBI and several researchers, while the country has denied involvement, according to related coverage from Cointelegraph. This tension between allegations and denials highlights how difficult it can be to validate threat actors conclusively in real time - an issue that can affect how companies and authorities coordinate mitigation steps. Why the finance leadership change matters now. In the immediate aftermath of a major security breach, finance leadership can influence several practical areas: how losses are reflected in financial processes, how internal controls are reviewed and funded, and how the firm communicates with stakeholders about risk management. Even when a hack is addressed technically by security teams, the operational and reporting follow-through typically falls under broader corporate governance. The fact that Binance indicated a transition plan had been in place over the prior half year may reduce concerns that the CFO change was directly triggered by the incident. Still, market participants may view the timing as significant because the company is simultaneously navigating both leadership realignment and reputational scrutiny. It also underscores a broader pattern across the industry: as exchanges face frequent large-scale attacks, operational resilience is increasingly tied to institutional readiness - covering not only cybersecurity controls but also the financial and organizational systems that determine how quickly losses can be managed and how transparently stakeholders are informed. Readers should watch for how Binance communicates its internal transition under new finance leadership and whether the company details any additional governance, auditing, or risk-management upgrades following the record hack. With threat attribution still disputed and technical investigations ongoing, the next signals are likely to come from subsequent reports, internal control reviews, and any changes Binance makes to how it accounts for and mitigates major security events. Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

Binance Holdings Ltd said chief financial officer Kaiser Ng is leaving after more than five years, days after hackers stole more than $6 billion in cryptocurrency from the exchange. Co-chief executive officer Yi He said Ng chose to pursue a new venture. She said Binance had put a transition plan in place over the last six months, and Justin Yek will become the new chief financial officer. Clients withdrew $4.7 billion after the hack. Binance said outflows were stabilising as the exchange returned online. The hack prompted US regulators to contact banks to assess potential effects on the broader financial system.

Binance appoints Justin Yek as new CFO after hack. November 8, 2026 2:27 am Business Binance has appointed Justin Yek as its new chief financial officer, replacing Kaiser Ng, who is stepping down after more than five years with the exchange. The leadership change follows a massive security breach in which hackers stole approximately $6.3 billion in digital assets from the platform. Justin Yek takes over financial operations. Yek joins Binance from Airwallex, where he served as vice president of finance. His professional background includes experience at Morgan Stanley, where he led technology investment banking for Southeast Asia, according to his LinkedIn profile. Learn Engineering Binance co-CEO Yi He confirmed Ng's departure in a statement, noting that the transition had been planned for the last six months. 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, Binance co-CEO Yi He added, Time wish him the best in his next chapter, according to Aol. Binance absorbs $6.3 billion loss. The exchange has committed to making customers whole at its own expense following the October 29 attack. To cover the roughly $6 billion loss, Binance utilized money from three internal sources: its own corporate treasury, its futures insurance fund, and half of its Secure Asset Fund for Users (SAFU). Ainvest reports the company has reported it was able to cover the $6.3 billion hole with its own funds and has committed to rebuilding SAFU toward its $1 billion target. The scale of the breach is significant when compared to the company's estimated earnings. Ainvest notes that while Binance's pre-tax profit from 2021 through 2025 was roughly $19.2 billion, its known fines and hack losses over that same span total about $10.7 billion. This represents 56 percent of those profits. The breakdown of these costs includes $4.34 billion in fines - led by a $4.32 billion U.S. criminal settlement in 2023 - and $6.38 billion in stolen funds spanning a 2019 theft and the current breach. TraderTraitor used malware to target Binance wallet engineers. The attack, which Binance said unfolded on October 29, was a sophisticated campaign that lasted several months. Cryptotimes reports that starting in June, attackers used malware in software downloads and fake job interviews to target three of the exchange's wallet engineers. By September, they had gained access to stolen employee credentials, allowing them to reach an internal wallet-signing service and move funds from a hot wallet. The theft involved 167,464 ETH and 63 other tokens. The FBI and TRM Labs have attributed the attack to TraderTraitor, a North Korean state-linked hacking group, though North Korea has denied the accusation. Euronext reports that Binance suspended deposits and withdrawals at 22:15 UTC on October 29. Industry players froze billions in stolen funds. Following the breach, several industry players moved to freeze assets. Cryptotimes reports that Tether, Circle, and World Liberty Financial used stablecoin freeze mechanisms to block approximately $3 billion, while the Arbitrum Security Council froze $30.5 million. Ainvest notes that about $3 billion of the stolen funds has already been frozen on-chain. Market activity stabilized after the exchange reopened withdrawals on November 1. Ainvest reports that while customers pulled out a net $4.72 billion - roughly 3 percent of platform assets - $2.7 billion flowed back in. <!- wp:table class="wp-block-table"> /wp:table -> Kaiser Ng has served as CFO at Binance since January 2022, according to Reuters.