Binance’s chief financial officer Kaiser Ng is departing the cryptocurrency exchange to pursue a new venture after more than five years with the company. Binance co-CEO Yi He confirmed the move in a statement, noting that a transition plan had been in place for the past six months.

Ng will be succeeded by Justin Yek, who previously served as vice-president of finance at Airwallex, a global fintech firm focused on digital payment infrastructure. The leadership change comes just over a week after Binance suffered a major security incident in which hackers stole approximately $6.3 billion, described as the largest cryptocurrency theft on record.

Details of the Leadership Transition

According to Yi He’s statement, Ng decided to pursue a new venture following his tenure at Binance. The company emphasized that the succession process was prepared well in advance and was not a sudden decision.

Ng joined Binance as chief financial officer in January 2022. Before that, he held the same role at rival exchange Kraken for roughly five years. Yek’s background at Airwallex brings experience from the payments sector into Binance’s finance leadership.

No specific effective date for the handover was provided in the available statements, nor were details shared about Ng’s next professional steps.

Context of the Recent Security Breach

The announcement follows the October 29 incident in which attackers removed about $6.3 billion from Binance. The exchange stated it would absorb the full financial impact internally so that customers would not bear the losses.

The Federal Bureau of Investigation and several independent researchers have attributed the attack to North Korean actors. Officials from that country have denied any involvement.

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, continues to operate amid heightened attention on security practices across the industry. The timing of the executive change has drawn notice because it occurs so soon after the record theft, even though the company has described the transition as long planned.

Background on the Incoming Finance Chief

Justin Yek most recently worked as vice-president of finance at Airwallex, an Australia-based company that provides cross-border payment solutions and financial services for businesses. His appointment maintains continuity in senior finance roles filled by executives experienced with high-volume digital platforms.

The shift places a new leader in charge of financial oversight at a time when the exchange is addressing the operational and reporting consequences of the large-scale theft.

Binance has not outlined further changes to its finance structure or risk frameworks in connection with the appointment.