Binance runs monthly phishing simulations against its own staff

Cryptocurrency exchange Binance has conducted simulated phishing attacks against its own employees for the past four years, and staff who repeatedly fail the tests can be fired, according to Binance chief security officer Jimmy Su.

The exercises are carried out by Binance’s red team, an internal ethical hacking unit tasked with attempting to break into systems in order to identify vulnerabilities before attackers can exploit them. Such drills are used across cybersecurity programs to test whether staff can spot malicious links, spoofed senders and credential-harvesting attempts before real attackers reach production systems or customer data.

“We do phishing attacks on our own employees on a monthly basis just so we understand if our security hygiene is improving,” Su told Cointelegraph. “The ones that have failed it, we will do remediation training.”

In February, AMLBot estimated that 65% of crypto security incidents in 2025 were driven by social engineering.

India’s BitChat GitHub takedown order called “unconstitutional”

India’s Internet Freedom Foundation (IFF) has criticized a government order directing GitHub to remove repositories for Jack Dorsey’s decentralized messaging app BitChat, calling the move unconstitutional and warning that it threatens free speech and open-source software.

The statement followed an order from India’s cybercrime agency directing GitHub to disable access to three BitChat repositories within three hours. The agency said the decentralized messaging app could be used to bypass internet shutdowns, evade lawful surveillance and facilitate unlawful activities.

BitChat is a decentralized messaging app that routes encrypted messages between nearby devices over Bluetooth, without relying on internet connectivity or centralized servers. Because GitHub repositories host source code rather than only finished consumer apps, takedown orders against them can affect developers’ ability to inspect, fork or contribute to open-source tools.

Since its release in July 2025, the app has gained traction during periods of unrest and internet outages in countries including Madagascar, Nepal, Uganda, Jamaica and Iran.

More crypto news from India: India’s Central Board of Direct Taxes (CBDT) has issued guidance directing crypto exchanges to report all transactions on their platforms to the Income Tax department.

Balaji’s Network School looks to Kazakhstan after Malaysia setback

Balaji Srinivasan’s utopian Network School appears set to move to Kazakhstan after Malaysian authorities revoked its business license over alleged premises-use violations.

Kazakhstan’s Minister of Digital Development and Srinivasan signed a memorandum of understanding to establish a campus in the country. Kazakhstan has been positioning itself as an emerging technology hub and has plans for Central Asia’s first “crypto city” in Alatau.

The Network School had been at the center of a scandal involving the hosting of Israeli citizens, as the Muslim-majority country has no diplomatic relations with Israel. The US State Department called in the Malaysian envoy to seek an explanation about the country’s apparent policy of deporting dual citizens with Israeli passports.

Source: The Times of Israel/Reuters

South Korean crypto exchange volumes fall as retail investors shift to stocks

South Korea’s five major crypto exchanges have seen their combined trading activity fall by 89% year over year, while the country’s stock market has surged.

The Korea Composite Stock Price Index (KOSPI) benchmark more than doubled over the period, while volumes across the country’s largest won-based crypto platforms dropped sharply. Won-based exchanges are a key measure of domestic retail crypto activity in South Korea because they provide direct trading pairs against the local currency.

Cointelegraph reviewed CoinGecko’s historical 24-hour volume readings for Upbit, Bithumb, Coinone, Korbit and Gopax, comparing seven-day periods in July 2025 and July 2026.

On a combined basis, average daily volume fell about 89%, to $305 million from $2.82 billion in the comparable July 2025 period.

More crypto news from Korea:

— South Korean crypto exchange Korbit will reportedly rebrand as Digital X after becoming part of Mirae Asset Group.

— South Korea’s KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan’s Kinexys network.

— South Korean regulators have removed 29 unlicensed crypto exchange apps from the Google Play store. Affected apps include those from OKX, Bybit, MEXC, Kucoin, Gemini, Backpack and BitMEX.

— North Korean authorities have reportedly arrested a group of former state cyber operators and IT specialists accused of hacking two state banks and laundering stolen funds through cryptocurrency.

Thailand SEC files complaint against Bitkub over alleged false disclosures

Thailand’s SEC filed a criminal complaint against Bitkub and two former directors over alleged false disclosures linked to a 2021 cyberattack involving $50 million in assets.

The complaint names former Bitkub directors Sakolkorn Sakavee and Thaweesap Rawan, who the SEC said were responsible for submitting company reports during the period under investigation.

The case comes as Bitkub’s parent company considers a potential public listing, drawing renewed attention to transparency and governance at one of Thailand’s most prominent crypto businesses. For exchanges seeking public-market access or institutional partnerships, disclosure controls and incident reporting are typically central parts of regulatory and investor scrutiny.

More crypto news from Thailand:

— Thailand’s Kbank has signed a memorandum of understanding with BPMG and HashKey Group to develop stablecoin-based cross-border remittance services.

— Thai authorities have raided seven illegal Bitcoin mining operations after uncovering large-scale electricity theft. More than 1,900 crypto mining machines were seized.

One of two Bitcoin mining warehouses in Samut Sakhon was alleged to be stealing power. Source: DSI Facebook page.

Philippine bank BPI plans stablecoin payments pilot

The Bank of the Philippine Islands (BPI) is planning to pilot a stablecoin-based settlement rail for cross-border payments to freelancers, virtual assistants and other workers receiving overseas income.

Developed with global digital clearinghouse Meridian, the system is intended to reduce the cost and processing time of inbound payments while retaining safeguards used in traditional banking transactions, according to ABS-CBN and the Philippine Daily Inquirer.

Stablecoins would be used as a settlement instrument before the funds are converted to Philippine pesos and credited to recipients’ BPI accounts. The pilot reflects a broader regional focus on cross-border payments, where banks and fintech firms are testing digital settlement tools while keeping customer-facing balances in local currency.

Coinbase to expand Singapore office headcount by 25%, report says

Cryptocurrency exchange Coinbase plans to expand its presence in Singapore and grow its headcount from 150 to about 200 staff members by the end of 2026.

The exchange is mainly looking to hire more engineers, customer service staff, relationship management staff and institutional sales representatives for its Singapore office, which opened at One Raffles Quay on Wednesday.

Hassan Ahmed, Coinbase’s country director for Singapore, told the Business Times that the exchange plans to expand its operations in Singapore because the city-state is increasingly becoming a strategic hub for cryptocurrency innovation.

More Singapore crypto news:

— The Singapore Police Force and the U.S. FBI signed a memorandum of understanding to strengthen joint operations on online scams, including crypto-related scams, cyber fraud and money laundering cases.

— Singapore-based payments firm Triple-A reportedly lost $11.8 million after its hot wallet was drained. The firm said it was investigating but no customer funds were affected.

— The Monetary Authority of Singapore has tightened monetary policy, which will lead to the Singapore dollar appreciating by about 1% per year.

HashKey merges regional exchanges into one platform

Hong Kong digital asset services business HashKey Holdings has merged its HashKey Exchange and HashKey Global exchanges into a single platform and application.

Core jurisdictional hubs, including Hong Kong, Singapore, the Middle East (Dubai) and Bermuda, have been merged under one platform.

The aim is for users to download the same application wherever they are, while the platform manages compliance on the back end in line with local regulatory frameworks. The model highlights a common challenge for crypto businesses operating across Asia and offshore hubs: presenting a unified product while applying different licensing, onboarding and trading rules by jurisdiction.

News in brief from China

— A Hunan man was penalized under the Anti-Telecom and Online Fraud Law for reselling virtual currency for profit and for lending out his relative’s payment accounts to others so they could receive and transfer funds.

— Authorities in Shenzhen have closed down numerous social media accounts for hyping up cryptocurrencies.