Binance Runs Monthly Phishing Tests on Staff to Strengthen Security Defenses

Binance conducts simulated phishing attacks on its own employees every month, with repeated failures capable of leading to termination, according to chief security officer Jimmy Su.

Internal Red Team Leads the Testing

The mock attacks are carried out by Binance’s red team, an in-house ethical hacking group tasked with probing systems for weaknesses. Su said the exercises help the exchange track whether staff security habits are improving over time, with employees who fail receiving remediation training.

Scale of Binance’s Operations

Binance, the world’s largest crypto exchange, reports 323 million registered users. DefiLlama estimates the platform holds $137.7 billion in assets, making employee security a high-stakes priority.

Social Engineering Remains a Top Threat

AMLBot data from February found that 65% of crypto security incidents in 2025 stemmed from social engineering tactics. Recent examples include the $285 million Drift Protocol hack in April and a $13 million Venus Protocol loss in September 2025, both linked to deceptive schemes such as fake Zoom software updates and bogus job offers.

Su said the red team sometimes poses as recruiters or offers fake conference invitations to gather personal information. Results feed directly into performance reviews, and repeated failures can result in termination.