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Binance fires employees who repeatedly fail its monthly fake phishing attacks

Startupfortune • July 26, 2026

Binance runs monthly simulated phishing attacks on its own staff via an internal red team, with repeat failures affecting performance ratings and potentially leading to dismissal. The program, confirmed by CSO Jimmy Su, has run for three to four years and directly addresses the social engineering vector used in the $1.5 billion Bybit hack.

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Binance Implements Strict Phishing Drill Policy for Employees Binance, the largest cryptocurrency exchange, has instituted monthly phishing drills for its employees, with potential termination for repeat failures. The drills, conducted by the internal 'Red Team', have been in place for three to four years and aim to improve security awareness. Employees who fail these tests receive remedial training, and repeated failures negatively impact performance evaluations. The simulated attacks mimic real-world social engineering tactics, such as impersonating recruiters and offering free conference invitations. In 2025, social engineering accounted for 65% of cryptocurrency security incidents, highlighting the importance of these drills. Binance currently manages approximately $137.7 billion in assets and serves 323 million users, making its internal security practices critical. The initiative reflects a growing concern over social engineering threats in the cryptocurrency sector. 9 sources 52

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Binance fires employees who repeatedly fail its monthly fake phishing attacks

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