Binance Runs Monthly Phishing Drills to Protect Employees from Social Engineering Attacks
Binance, the world's largest cryptocurrency exchange, has implemented a rigorous security training program for its employees. The company conducts monthly simulated phishing attacks on all staff members to gauge their security awareness and identify vulnerabilities.
The internal white-hat hacking unit, known as the 'Red Team', leads these simulations, which replicate real-world hacking techniques such as impersonating recruiters or using fake job opportunities as lures.
According to CSO Jimmy Su, the training program has seen significant improvement in security awareness among employees since its inception three to four years ago. Staff members who repeatedly fail the phishing simulation tests can face termination, with their performance reviews directly impacted by the results of the drills.
The backdrop for Binance's intensified internal security training is the growing threat of social engineering attacks industry-wide. A February report by AMLBot estimated that 65% of cryptocurrency security incidents in 2025 stemmed from social engineering, while Chainalysis' 2026 Crypto Crime Report revealed a total value of $3.4 billion stolen through hacks in 2025.