Binance runs monthly red-team drills on staff to counter social engineering
Binance regularly tests employees with simulated attacks to improve security hygiene amid rising social engineering breaches.
Binance, the world's largest cryptocurrency exchange by trading volume, conducts monthly red-team exercises targeting its own employees to identify and patch security weaknesses, the company confirmed.
The simulated attacks, which include phishing emails and other social-engineering tactics, are designed to test staff vigilance and response procedures. A Binance spokesperson stated that social engineering has become a primary vector for breaches in the crypto industry.
The exchange does not publicly disclose failure rates or specific incidents caught by the drills, but noted that the program has led to improved security awareness across the organization. Employees who fall for simulated attacks are given additional training rather than penalized.
Social engineering attacks, such as spear-phishing and pretexting, have been implicated in several high-profile crypto thefts, including the 2022 attack on FTX and a 2023 incident targeting a Ledger employee. Binance's proactive approach reflects a broader industry shift toward continuous internal security testing.
The exchange has also invested in external bug bounty programs and automated threat detection systems. The red-team program is part of a wider security framework that Binance has been developing as it faces increased regulatory scrutiny over asset protection and operational controls.