Binance Names New CFO Days After $6.3 Billion Hack
Binance has named Justin Yek as its new chief financial officer, just over a week after hackers stole approximately $6.3 billion in cryptocurrency from the exchange.
Yek, a former finance executive at global payments firm Airwallex, succeeds Kaiser Ng. Ng is leaving after more than five years to pursue a new venture, Binance co-CEO He Yi said in a statement.
"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," He Yi said.
The announcement came nine days after the Oct. 29 cyberattack. A Binance spokesperson confirmed to FOX Business that the leadership transition was planned more than six months ago and had no connection to the security incident.
Ng had served as Binance's CFO since January 2022 and previously worked at rival cryptocurrency exchange Kraken. Yek most recently served as Airwallex's vice president of finance. Airwallex announced his appointment as head of strategic finance and corporate development in February 2023, noting his previous experience at Morgan Stanley and Citi.
Yek said he was grateful for Ng's partnership during the transition over the past several months. "I look forward to leading our finance organization as we continue to scale responsibly and deliver on our mission globally," Yek told FOX Business.
