Binance Names Justin Yek CFO as Kaiser Ng Exits After $6.3 Billion Hack

Published November 7, 2026, 10:42 PM PKT. Based on Binance's statement as reported by Bloomberg via TechCrunch on November 7, 2026 (primary source), with secondary reporting from Coinfomania and Cryptofox on November 7, 2026, and Elliptic's findings as reported by London Daily News on November 7, 2026.

Binance has appointed Justin Yek as its new chief financial officer, replacing Kaiser Ng, who is leaving the exchange to pursue a new venture after more than five years at the company, according to Bloomberg, as reported by TechCrunch on November 7, 2026. Co-CEO Yi He said in a statement that Ng's departure will allow him to "pursue a new venture after more than five years at Binance," and that a transition plan has been "implemented over the last half year." The announcement landed nine days after hackers stole about $6.3 billion in cryptocurrency from Binance users, the largest crypto theft on record.

Who Justin Yek is

Yek comes from traditional finance and fintech. He previously served as vice president of finance at Airwallex, the cross-border payments platform, and worked as an investment banker at Morgan Stanley, according to Coinfomania and Cryptofox. Binance has not said when Yek formally takes over the role, or whether Ng will stay on in an advisory role during the handover.

The timing of the transition plan matters. Yi He said the plan was put in place over the past six months, which means the change was being prepared before the October 29 hack rather than triggered by it. Binance gave no other reason for Ng's departure, and nothing in the announcement links his exit to the theft or to the recovery work now under way.

Nine days after the $6.3 billion theft

The hack is still the dominant fact about Binance this month. Attackers drained about $6.3 billion from the exchange's hot wallets on October 29 and 30, 2026. Binance froze withdrawals for several days, and after accounts reopened on November 1, users withdrew a net $3.6 billion in the first few hours. The company has pledged to cover all customer losses, saying, "Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users." Binance and the FBI blamed the theft on the North Korean group TraderTraitor.

The stolen funds are still moving. Blockchain analysis firm Elliptic said on November 6 that the hackers have converted about $124 million of stolen altcoins into roughly 1,650 Bitcoin ($BTC), according to London Daily News. Elliptic put the total theft at about $6.43 billion, with about $2.85 billion frozen or seized and about $3.11 billion still sitting in addresses the firm has linked to the attack. Only a negligible share has been cashed out so far, Elliptic said, the step that would put the money beyond recovery.

The recovery still under way

Binance is still reopening services in phases. In its Security Incident Recovery Update #9, published November 6, the exchange said it aims to reopen withdrawals for six altcoins by the end of next week, November 13: Hyperliquid ($HYPE), Injective ($INJ), Aptos ($APT), Plasma ($PLASMA), NEAR Protocol ($NEAR) and Litecoin ($LTC). Binance has said about 98% of the affected token assets have been replenished, and it is buying the remaining, less liquid cryptocurrencies.

The leadership change also comes in a week of other strains on Binance. Its French arm told customers on November 6 that every Binance France account will close on December 31, 2026, after the exchange failed to obtain authorization under the European Union's Markets in Crypto-Assets framework. The new CFO takes over a finance operation that is simultaneously funding a multibillion-dollar recovery, managing heavy outflows and retreating from a major European market.

What to watch next

Three things will show whether the handover is as smooth as Binance describes it. The first is whether the company says more about Ng's next venture or Yek's start date, and whether any further executive changes follow. The second is the November 13 target for reopening withdrawals for the six altcoins, which is the next hard deadline in the recovery. The third is the promised proof-of-reserves report and the full incident report, which Binance has said are coming, and which will show how much of the $6.3 billion the exchange has actually replaced with its own funds.

Sources

• TechCrunch, Binance CFO is leaving to 'pursue a new venture' after $6.3 billion hack, November 7, 2026 (primary source: carries the Bloomberg report of Binance co-CEO Yi He's statement, Ng leaving after more than five years to pursue a new venture, transition plan implemented over the last half year, Justin Yek named as replacement; hack context of about $6.3 billion stolen, withdrawals frozen for several days, net $3.6 billion withdrawn in the first hours after reopening, Binance pledge to bear the financial impact, FBI attribution to North Korean group TraderTraitor)
• Coinfomania, Binance Names Justin Yek New CFO, Replacing Kaiser Ng, November 7, 2026 (secondary reporting: Yek previously vice president of finance at Airwallex and investment banker at Morgan Stanley; Ng departs after more than five years; announcement first reported by WuBlockchain)
• Cryptofox, Binance Appoints Justin Yek as New CFO, November 7, 2026 (secondary reporting: Yek's background at Airwallex and Morgan Stanley; Ng leaving to pursue external career opportunities)
• London Daily News, Attackers behind $6.43bn Binance theft convert $124m of tokens into bitcoin, November 7, 2026 (secondary reporting: Elliptic said on November 6 that the hackers converted about $124 million of stolen altcoins into about 1,650 Bitcoin, on top of $1.48 billion of Bitcoin taken in the breach; about $3.11 billion remains in linked addresses, about $2.85 billion frozen; only a negligible share cashed out; Binance aims to reopen withdrawals for HYPE, INJ, APT, PLASMA, NEAR and LTC by the end of next week)

This article is news reporting and is not investment advice.