Binance CFO exits after record $6.3B hack as Nigeria regulatory fight continues

Binance announced Chief Financial Officer Kaiser Ng's departure Saturday, November 7, days after hackers stole $6.3 billion—the largest crypto theft ever. The FBI attributes the October 31 attack to North Korean state-linked hackers. Ng, at Binance since 2022, will be replaced by Justin Yek, former finance VP at Airwallex.

Binance co-CEO Yi He stated Ng's exit followed a six-month transition plan predating the breach. The exchange says it has covered 90% of stolen funds and began restoring withdrawals in phases starting November 1. The hack surpasses February 2025's $1.5 billion Bybit breach, also linked to North Korea.

For Nigerian users, the timing compounds existing regulatory uncertainty. The Central Bank concluded testimony in April 2026 against Binance for allegedly operating without authorization—Binance denies the claims. Meanwhile, the SEC clarified in recent weeks that no digital asset operator has secured final registration under its Accelerated Regulatory Incubation Programme, despite some receiving conditional approvals.

Binance remains accessible but operates in a Nigerian regulatory grey zone. The hack raises questions about custodial security on any centralized exchange, while the SEC's stance means no platform currently has full legal standing.

If you hold assets on Binance, verify withdrawal functionality is restored for your tokens. Consider whether self-custody (hardware wallet) or a locally registered alternative better aligns with your risk tolerance given both the security breach and unresolved regulatory status.

SOURCE: https://nairametrics.com/2026/11/08/binance-cfo-resigns-following-6-3-billion-cryptocurrency-hack/