Binance Simulates Phishing Attacks on Employees Every Month

Crypto exchange Binance conducts regular 'red team' exercises to test its employees' security awareness. The internal ethical hacking unit simulates phishing attacks on staff every month to identify vulnerabilities and improve security hygiene.

Binance chief security officer Jimmy Su revealed that the company has been conducting these monthly tests for four years. Staff who repeatedly fail the simulated attacks will undergo remediation training, but those who consistently fail may face disciplinary action.

The move comes as a growing concern about social engineering attacks in the crypto industry. AMLBot estimated that 65% of crypto security incidents in 2025 were driven by social engineering.