Follow-Up: Binance CFO Kaiser Ng Leaves to Build His Own Ventures, Handing Over to Justin Yek as CZ Bids Him Farewell

Kaiser Ng, chief financial officer of Binance, the world's largest cryptocurrency exchange, is leaving after more than five years to build ventures of his own. Binance co-chief executive Yi He said in a statement on Saturday, November 7, that Ng had decided to pursue a new venture, with a transition plan implemented over the last half year, and that he will be succeeded by Justin Yek, most recently vice president of finance at payments firm Airwallex. Ng posted his own account of the move on X on November 8, and Binance founder Changpeng Zhao replied the same day to bid him farewell, saying the investment firm YZiLabs is keen to back his new projects.

"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," Yi He said in the statement. Yek is a longtime finance executive who worked in investment banking before joining Airwallex as vice president of finance. Binance's public statement did not give an effective date for the handover.

In his post, Ng wrote that after five years as Binance's chief financial officer he had decided to go build something of his own, and that he was handing the keys to Justin Yek as the next CFO. He said there is not just one project ahead but several, spanning sports and entertainment, from basketball and music to graphics processors, robotics, gold and collectibles, and that he believes he can make a greater contribution to super intelligence (SI) and Web3. He thanked Zhao, Yi He, Richard Teng and Binance staff worldwide. According to his LinkedIn profile, Ng has been Binance's CFO since January 2022 and previously served in the same role at rival exchange Kraken for about five years.

Replying to Ng's post, Zhao wrote: "Kaiser has done great work and is a good friend. He shared his plans to build a startup a few months ago. We not only wish him every success, YZiLabs is always keen to back ventures founded by current or former colleagues."

The change was announced nine days after Binance suffered a record theft. On October 29, about $6.3 billion in cryptocurrency was stolen from Binance in the largest crypto theft on record; Binance said it would absorb the losses rather than pass them on to customers, the FBI later attributed the attack to North Korean hackers, and North Korea denied involvement. Binance says the CFO transition plan was implemented over the last half year, which predates the theft, and as of publication the company had not linked the departure to the hack. (Source: Binance)

Related:

$6.3 Billion Stolen: Binance Suffers Largest Crypto Theft in History, About $3 Billion Frozen, Exchange Pledges Full Reimbursement

Follow-Up: Musk Debunks Viral Fake Post — He Never Urged Binance Users to Move Funds, and CZ Flagged It First

Source: Binance

Published by GSM · USA (original Chinese edition)

Photo: 图：币安创始人赵长鹏2022年11月在葡萄牙里斯本Web Summit峰会上发言。（图：Piaras Ó Mídheach／Web Summit via Sportsfile／Wikimedia Commons，CC BY 2.0）/ Binance founder Changpeng Zhao speaking at Web Summit in Lisbon, Portugal, in November 2022. (Photo: Piaras Ó Mídheach / Web Summit via Sportsfile / Wikimedia Commons, CC BY 2.0)

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