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Binance faces renewed scrutiny as CFO exits amid compliance turmoil
Binance CFO Kaiser Ng quit nine days after the biggest theft in crypto history, but the exchange says the exit was planned well in advance.
Brief
Binance chief financial officer Kaiser Ng has resigned about nine days after hackers from North Korea drained $6.3 billion from the exchange. Binance co-CEO Yi said the handover had been planned for roughly six months, though a Bloomberg report on the thinning of the firm's financial crime monitoring leadership arrived at about the same time. Fortune earlier reported that Binance dismissed five internal investigators who had flagged Iran-related sanctions issues, and a Senate inquiry into possible Iranian sanctions violations opened in February. Under its November 2023 guilty plea, Binance agreed to DOJ oversight through May 2027 and FinCEN oversight through May 2029. Ng had held the role since January 2022.
Why it matters: The departure adds to scrutiny of Binance's compliance oversight as the exchange faces congressional and regulatory questions about sanctions-related activity.
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