Binance is changing its finance leadership days after hackers stole a record $6.3 billion from the cryptocurrency exchange. Justin Yek is set to succeed Kaiser Ng, who is leaving after more than five years at the company.
Highlights
- Binance appointed Justin Yek as chief financial officer following Kaiser Ng's exit, effective after a record $6.3 billion hack was disclosed.
- Yi He, Binance's co-chief executive, confirmed Ng's departure was part of a half-year transition plan for leadership change.
- Focus on Binance's internal controls and risk management intensifies in the crypto sector due to the leadership change and recent security breach.
Leadership transition follows major security breach
As reported by Reuters, citing Binance, Kaiser Ng is leaving the company and will be replaced by Justin Yek as chief financial officer. The leadership change comes shortly after the exchange disclosed a record $6.3 billion hack.Yi He, Binance's co-chief executive officer, said in a statement that Ng had decided to pursue a new venture. She added that a transition plan had been implemented over the last half year.
Crypto sector watches governance and risk controls
Binance remains the world's biggest cryptocurrency exchange, making any senior management change significant for the digital assets sector. The timing is likely to keep attention on the group's internal controls and operational resilience after the recent cyberattack.The company did not provide further details in the statement on Yek's priorities in the role or on the circumstances of Ng's departure beyond the planned transition.
CTOS Digital’s cybersecurity incident and its expected financial fallout were previously covered by our publication. We noted the company’s estimate that the breach could cut net profit by RM12 million and revenue by RM16 million, with ongoing service disruptions potentially worsening the impact and weighing on customer confidence.
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