Binance conducts monthly simulated phishing attacks against its employees to improve internal security hygiene and mitigate the growing threat of social engineering campaigns targeting the cryptocurrency industry.

Key Points

• Binance’s internal "red team" executes monthly phishing simulations, including fake job recruitment and conference invitations, to test staff vigilance.
• Employees who repeatedly fail these security tests face negative performance reviews, which can ultimately lead to termination.
• Chief security officer Jimmy Su reports that the program has significantly improved the company's overall security posture over the last four years.
• Social engineering remains a primary threat, accounting for approximately 65% of cryptocurrency security incidents in 2025 according to AMLBot data.
• Binance currently manages $137.7 billion in assets and serves 323 million registered users, making it a high-value target for malicious actors.

Why it Matters

Social engineering has become a leading vector for major financial losses in the decentralized finance sector, as evidenced by recent high-profile hacks involving malicious software. By institutionalizing rigorous security testing, Binance aims to reduce the risk of human error that could compromise the world's largest cryptocurrency exchange.