Binance has named Justin Yek as its next chief financial officer, tasking him with leading the exchange's finance operations as Kaiser Ng prepares to depart after more than five years with the company. Co-CEO Yi He announced the planned handover in a Nov. 7 statement reported by Bloomberg. According to the statement, Ng will pursue a new venture following a six-month transition.

The timetable places the finance leadership change ahead of the Oct. 29 security incident that affected roughly $6.34 billion in digital assets. Binance disclosed the management move while it continues restoring services and accounting for assets affected by the theft. Yi He did not connect Ng's departure to the incident, describing it instead as a decision made beforehand and supported by an orderly succession plan.

Binance has not disclosed an exact departure date for Ng, nor has it described the company he intends to build or the role he will hold there.

Succession Plan Predates the October Breach

According to Yi He, the leadership change resulted from Ng's decision to begin a new venture. Her statement said the finance succession plan had been in operation for six months. The company framed the change as the product of advance planning rather than a response to the breach.

The timing is significant because Binance has faced questions over its handling of the attack and the recovery process. Yi He said that work was separate from the CFO change, meaning the transition predates the security incident. That distinction may shape how users and industry observers interpret the leadership change during the exchange's recovery in the coming weeks.

Incoming CFO Brings Finance and Banking Background

Yek brings prior experience across finance, banking, and corporate development. He previously led finance at Airwallex and worked in technology investment banking, with earlier roles at Morgan Stanley and Citi, both global investment banks. Technology investment banking roles of that kind typically involve advising technology companies on capital raising and corporate transactions. Airwallex, a global payments and financial technology company, identified his 2023 position there as head of strategic finance and corporate development.

The incoming CFO takes on the role during a sensitive period for customer confidence. Finance chiefs at exchanges typically oversee treasury, reporting, and disclosure functions — areas directly relevant to the reconciliation of frozen assets and the expanded reserve reporting now underway at Binance. The company has said it will bear the financial impact of the theft, and it has not indicated that users will absorb incident-related losses. That commitment carries weight as the exchange reconciles affected holdings, frozen assets, and restoration measures.

In its Nov. 3 incident report, Binance said it would absorb the financial impact rather than pass costs to users. The company also said approximately $2.85 billion in assets had been frozen or intercepted, subject to reconciliation and market-price changes. Binance noted that frozen assets differ from funds returned to the exchange.

Appointment Follows Heavy Withdrawals and Expanded Reserve Disclosures

The executive announcement follows a difficult reopening phase that began when withdrawals resumed on Nov. 1. Binance reported $3.64 billion in net outflows during the first nine and a half hours, a figure that reflected $4.649 billion in withdrawals against $1.01 billion in deposits. The exchange said initial withdrawals surged before volumes declined, and that some asset availability would return progressively as security checks were completed. A Nov. 6 customer notice directed users to confirm support for their specific asset and network before moving funds.

Those operational updates sit alongside a broader expansion of Binance's reserve disclosures. Proof-of-reserves reporting became a far more common disclosure practice across major exchanges after the 2022 collapse of FTX, which put pressure on platforms to demonstrate they hold the customer assets they claim. The company has added assets to its proof-of-reserves reporting as the reopening proceeds, and the CFO change now lands in the middle of that effort. Yek's arrival does not alter the timetable for the security response: Binance has said additional assets will become available once checks are completed, and customers have been asked to consult the platform's availability tool before transferring funds.

Long-Serving Finance Chief Prepares to Exit

Ng's exit also marks the end of a long tenure at the company. Yi He credited the six-month plan with enabling a smooth handover. Neither executive provided further details about his future venture.

Based on the transition timeline described by Yi He, the CFO succession remains distinct from the theft. The exchange continues to reconcile seized assets, withdrawal activity, and customer access, and the six-month handover window overlaps with that process, so further asset-availability notices and reserve-report updates may be published before Ng's departure. Its next operational notices may clarify which assets become available as security checks continue, with customers directed to official status updates in the meantime.

Originally reported by Blockonomi: Binance CFO Justin Yek Named as Kaiser Ng Prepares for Departure