A leadership change at the world’s largest cryptocurrency exchange coincides with the firm’s plan to settle claims from a multi-billion dollar cybersecurity breach. Binance will use its own corporate treasury to make users whole following the theft of approximately $6.3B in digital assets nine days ago, a move paired with the appointment of Justin Yek as the company’s new chief financial officer.
Co-CEO Yi He stated that the installation of Yek, a former Airwallex executive, was part of a handover process planned six months ago, meaning the timing was unrelated to the theft. Yek previously worked at Morgan Stanley and succeeds Kaiser Ng, who is leaving the firm after more than five years to pursue a new venture. Ng previously held the CFO role at the crypto exchange Kraken.
