Former Binance CFO to launch tokenization startup after stepping down; CZ says YZi Labs is happy to support former colleagues' ventures.

November 9 - Binance Chief Financial Officer Kaiser Ng plans to found a company after stepping down, aiming to tokenize real-world assets such as basketball, music, GPUs, robotics, gold, and collectibles onto the blockchain. Ng posted on social media on November 8 that after five years as Binance CFO, he has decided to build his own venture. He stated that he wants to advance more than one project, and that bringing the aforementioned assets on-chain represents a massive opportunity for the industry, inviting interested parties in relevant fields to contact him and join the team.

Binance co-founder Yi He announced on November 7 that Justin Yek, formerly Vice President of Finance at payments company Airwallex, will succeed as CFO. Yi He stated that Ng decided to embark on a new venture after more than five years at Binance, and the transition plan has been underway for six months. Yek said in a statement that he is delighted to take on the role of Binance CFO. Ng joined Binance in January 2022, after approximately five years at crypto trading platform Kraken. In his farewell post, he thanked management and colleagues, stating that Binance has been left in very capable hands.

Binance founder CZ replied that Ng had shared his startup plans several months ago, and that YZi Labs is always happy to support projects founded by current or former colleagues. YZi Labs is the former Binance Labs. CZ did not specify whether the institution plans to invest in Ng's new company.