Binance names its next CFO—and says the transition has been underway for months

Binance says chief financial officer Kaiser Ng will leave the cryptocurrency exchange and Justin Yek will succeed him. The company announced the change on November 7, following a reported $6.3 billion cryptocurrency theft. Source

That’s a conspicuous backdrop for a finance-chief handover. Source

“Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last six months,” co-CEO Yi He said in a statement reported by Bloomberg. Source

Binance’s statements quoted by Reuters and Bloomberg don’t link the departure to the hack. They give no handover date or details of Ng’s new venture. SourceSource

According to TechCrunch, Binance froze withdrawals for several days, and users withdrew a net $3.6 billion in the first few hours after accounts were unfrozen. That outflow is separate from the $6.3 billion stolen by hackers. Source

Binance has promised to cover the losses, saying they “will not be passed on to users,” according to TechCrunch. Source

That’s a promise, not a receipt showing reimbursement is complete. Source