Reporting · companies
Binance CFO Kaiser Ng steps down to launch tokenization startup
Kaiser Ng is leaving his role as Binance chief financial officer and plans a startup that would tokenize real-world assets, with Justin Yek named as successor.
Quick take
- Binance chief financial officer Kaiser Ng is stepping down to launch a tokenization startup for real-world assets.
- Binance has named Justin Yek, formerly vice president of finance at Airwallex, as its next CFO.
- The change comes as Binance has pledged reimbursement after a $6.3 billion hot wallet theft.
Unchained reported that Binance chief financial officer Kaiser Ng is stepping down from the role. Ng announced plans in an X post on Sunday, November 8, for a tokenization startup focused on real-world assets. Ng's planned company would cover assets including sports, entertainment, GPUs and gold.
Binance co-CEO Yi He said Justin Yek will become chief financial officer. Yek previously worked as vice president of finance at Airwallex. Ng joined Binance in January 2022 from Kraken, and the transition out of the role has been planned over the last six months.
CZ said YZi Labs is keen to back ventures from former colleagues, but CZ did not confirm any investment in Ng's company. The change comes as Binance has pledged reimbursement after a $6.3 billion hot wallet theft. That attribution comes from the FBI, which links the theft to North Korea's TraderTraitor group.
Sources
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