Binance Tests Staff with Fake Phishing Attacks to Boost Security

Binance, one of the world's largest cryptocurrency exchanges, has been conducting regular phishing simulations against its employees to test their awareness and security habits.

The exchange uses a 'red team' approach, where a group of internal ethical hackers creates fake attacks that mimic real-world scenarios, such as fake job offers or conference invitations. The goal is to identify any weak points in the staff's ability to recognize suspicious messages, links, and requests.

According to Binance's Chief Security Officer Jimmy Su, employees who fail these tests receive training to educate them on how to spot and report phishing attempts. Repeated failures can negatively impact their performance ratings, potentially leading to dismissal.

The program has been in place for three to four years, with Su stating that it has led to improved security habits among the staff. Binance reports 323 million registered users, while DefiLlama tracks about $137.5 billion in assets linked to the exchange.