Binance CFO resigns following $6.3 billion cryptocurrency hack - Nairametrics

Binance Holdings Ltd., the world's largest cryptocurrency exchange, has announced the departure of its Chief Financial Officer, Kaiser Ng, days after hackers stole approximately $6.3 billion in digital assets from the platform. The company confirmed that Ng, who has spent more than five years with Binance, will be replaced by Justin Yek, a former finance executive at payments company Airwallex.

According to Bloomberg, Binance co-Chief Executive Officer Yi He disclosed the leadership change in a statement on Saturday, November 7, 2026. The announcement follows what has been described as the largest cryptocurrency theft in history, raising fresh concerns about cybersecurity vulnerabilities across global digital asset exchanges.

Planned Transition

Yi He explained that Ng's departure followed a transition process that had been underway for six months, indicating that the leadership change had been planned before the recent security breach.

Ng joined Binance in January 2022, after spending approximately five years at rival cryptocurrency exchange Kraken. His successor, Justin Yek, most recently served as vice-president of finance at Airwallex, a global financial technology company.

Yek said he looked forward to overseeing Binance's financial operations as the company continues its international expansion.

Major Security Breach

The leadership transition comes amid efforts by Binance to recover from the unprecedented cyberattack, which resulted in the theft of approximately $6.3 billion in cryptocurrency. On October 31, the FBI identified North Korea as responsible for the attack, adding to concerns about state-linked cybercriminal activities targeting digital asset platforms.

Binance subsequently disclosed that it had covered approximately 90% of the stolen funds as part of its commitment to reimburse affected customers fully. The incident highlights growing security challenges facing cryptocurrency exchanges as digital assets gain wider adoption among institutional and retail investors.

Other major exchanges, including Bybit and Bitget, have also experienced cybersecurity incidents, underscoring the risks associated with storing and transferring digital assets.

Regulatory Challenges

The leadership change comes as Binance continues efforts to restore operations following the cyberattack while navigating regulatory challenges in several markets, including Nigeria. On November 1, 2026, Binance had begun restoring cryptocurrency withdrawals in phases following the $6.3 billion breach.

In Nigeria, Binance remains involved in legal proceedings over its operations. In April 2026, the Central Bank of Nigeria had concluded its testimony in a case involving allegations that Binance operated in the country without authorisation. Binance has denied the allegations against it.

More recently, Nigeria's Securities and Exchange Commission clarified that no digital asset operator had secured final registration under its Accelerated Regulatory Incubation Programme (ARIP), despite some platforms receiving conditional approvals in principle.