Binance has appointed former Airwallex finance executive Justin Yek as its new chief financial officer after Kaiser Ng decided to leave the world’s largest cryptocurrency exchange to pursue another venture.
Binance’s chief financial officer Kaiser Ng is stepping down after more than five years with the cryptocurrency exchange, with Justin Yek taking over the role.
The world’s largest cryptocurrency exchange announced the leadership change on Saturday, November 7. Yek, a veteran finance executive who most recently served as vice-president of finance at financial technology company Airwallex, will assume the position of CFO.
Ng has decided to pursue a new venture after spending more than five years at Binance. The company said a transition plan had been implemented over the past six months to ensure a smooth handover.
Ng took over as Binance’s CFO in January 2022. Before joining the cryptocurrency exchange, he also worked with rival platform Kraken.
Binance leadership change follows $6.3 billion crypto theft
The leadership transition comes just over a week after Binance disclosed a major cybersecurity breach in which hackers stole cryptocurrency worth $6.3 billion, making it one of the largest reported cryptocurrency thefts.
The attack, which unfolded on October 29, reportedly involved malware hidden in software downloads and fake recruitment efforts targeting engineers. Hackers allegedly compromised the computers of several employees as part of the operation.
Binance has said it will fully reimburse customers affected by the security breach.
More from BusinessThe Federal Bureau of Investigation (FBI) has blamed a North Korean hacking group for the theft. However, Pyongyang has denied the allegations.
The incident has brought renewed attention to cybersecurity risks facing cryptocurrency exchanges and the vulnerabilities associated with digital asset platforms.
