Binance, the world's largest cryptocurrency exchange by trading volume, has a strict policy for staff who can't spot a fake email. The company runs monthly phishing simulations on its employees as part of security training. Those who repeatedly fail the tests face dismissal.
Why the simulations exist
Social engineering is the driver behind 65% of security incidents, according to data cited by the exchange. Phishing — tricking someone into clicking a malicious link or sharing credentials — is the most common form. Binance's program aims to turn employees into a human firewall rather than a weak link.
How the program works
Every month, Binance sends simulated phishing emails to its workforce. The emails mimic real threats: fake login pages, urgent password reset requests, or messages that appear to come from internal departments. Staff who click or respond are flagged. The company doesn't disclose how many warnings a worker gets before termination, but the consequence for chronic failure is clear: dismissal.
The policy applies across all departments, not just IT or security teams. Binance has not said how many employees have been let go under the program, or how many have failed the tests since it began.
The human factor in security
Binance's approach reflects a broader industry trend. Companies in finance and tech have long used phishing drills, but few tie the results directly to employment status. The 65% figure underscores that technology alone can't stop breaches — people are often the entry point.
For Binance, which has faced regulatory scrutiny in multiple countries, a security lapse could be costly. The exchange holds billions in customer assets, and a single compromised account can trigger a crisis of trust.
Whether the dismissal policy will reduce incidents or simply push employees to be more cautious is an open question. The company continues to run the simulations monthly, and the threat of losing a job is now part of the training.
