Binance Runs Monthly Phishing Tests on Employees, BitChat Repository Blocked in India: Asia Express
Cryptocurrency exchange Binance has been conducting phishing simulations on its workforce to stay ahead of cyber threats. India's government takes action against BitChat's code repositories. South Korean trading volumes plummet by 89% — along with all the latest cryptocurrency developments from across Asia this week.
Binance employs 'red teams' for monthly staff phishing simulations to prevent hacker infiltration
The cryptocurrency trading platform Binance has been executing simulated phishing campaigns targeting its own workforce over the last four years and maintains the authority to terminate employees who consistently fail these security tests, as disclosed by Binance's chief security officer Jimmy Su.
These simulated cyber attacks are executed by Binance's internal red team, a dedicated ethical hacking division tasked with penetrating systems to discover security weaknesses.
"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 order to remove BitChat from GitHub deemed 'unconstitutional'
The Internet Freedom Foundation (IFF) of India has denounced a governmental directive instructing GitHub to take down code repositories belonging to Jack Dorsey's decentralized messaging application BitChat, characterizing the action as unconstitutional and cautioning that it poses risks to freedom of expression and open-source software development.
The condemnation followed a day after India's cybercrime enforcement agency commanded GitHub to block access to three BitChat code repositories within a three-hour timeframe, asserting that the decentralized communication application could enable users to circumvent internet shutdowns, avoid legitimate surveillance operations and enable illegal activities.
BitChat functions as a decentralized communication application that transmits encrypted messages across proximate devices via Bluetooth technology without depending on internet connections or centralized server infrastructure.
Following its launch in July 2025, the application has experienced growing adoption during times of civil disturbances and internet service interruptions in nations such as Madagascar, Nepal, Uganda, Jamaica and Iran.
More crypto news from India:
The Central Board of Direct Taxes (CBDT) in India has released guidance instructing cryptocurrency trading platforms to submit reports of all platform transactions to the Income Tax department.
Network School founded by Balaji relocates to Kazakhstan following Malaysian complications
The utopian Network School project spearheaded by Balaji Srinivasan appears poised to relocate to Kazakhstan following Malaysian regulatory authorities' decision to revoke its operating license due to alleged violations related to premises usage.
A memorandum of understanding has been executed between Kazakhstan's Minister of Digital Development and Srinivasan for the establishment of an educational campus in the nation which has been strategically positioning itself as an emerging technology center, and maintains ambitions for Central Asia's inaugural "crypto city" in Alatau.
The Network School had become embroiled in controversy surrounding its accommodation of Israeli citizens considering the Muslim majority nation maintains no diplomatic ties with Israel. The US State Department summoned the Malaysian envoy seeking clarification regarding the country's apparent practice of deporting dual nationals holding Israeli passports.
South Korean cryptocurrency trading volumes decline as retail traders migrate to equities
The five largest cryptocurrency exchanges operating in South Korea have witnessed their trading activity decline by 89% on a year-over-year basis as the nation's equity market experienced substantial growth.
The Korea Composite Stock Price Index (KOSPI) benchmark increased more than twofold during this timeframe, while transaction volumes on the country's primary won-denominated cryptocurrency platforms experienced dramatic reductions.
Cointelegraph analyzed CoinGecko's historical 24-hour volume data for Upbit, Bithumb, Coinone, Korbit and Gopax, evaluating seven-day timeframes in July 2025 and July 2026.
On a consolidated basis, mean daily transaction volume decreased approximately 89%, declining to $305 million from $2.82 billion during the corresponding July 2025 timeframe.
More crypto news from Korea:
South Korean cryptocurrency trading platform Korbit will reportedly undergo rebranding as Digital X following its acquisition by Mirae Asset Group.
South Korea's KB Kookmin Bank will introduce a blockchain-powered cross-border payment solution for import and export enterprises in August utilizing JPMorgan's Kinexys network.
South Korean regulatory bodies have eliminated 29 unlicensed cryptocurrency exchange applications from the Google Play store. Applications impacted include those operated by OKX, Bybit, MEXC, Kucoin, Gemini, Backpack, and BitMEX.
North Korean government authorities have reportedly detained a collective of former state cyber operatives and IT professionals charged with hacking two government-controlled banks and laundering misappropriated funds through cryptocurrency channels.
Thailand's SEC initiates criminal complaint against Bitkub regarding alleged fraudulent disclosures
Thailand's Securities and Exchange Commission filed a criminal complaint targeting Bitkub and two former company directors concerning alleged fraudulent disclosures connected to a 2021 cyberattack involving $50 million in assets.
The criminal complaint identifies former Bitkub directors Sakolkorn Sakavee and Thaweesap Rawan, whom the SEC indicated held responsibility for filing company reports throughout the timeframe being investigated.
The legal action emerges as Bitkub's parent company evaluates a possible public listing, directing heightened scrutiny toward transparency and corporate governance at one of Thailand's most prominent cryptocurrency enterprises.
More crypto news from Thailand:
Thailand's Kbank has executed a memorandum of understanding with BPMG and HashKey Group to create stablecoin-powered cross-border remittance solutions.
Thai authorities have conducted raids on seven unlawful Bitcoin mining facilities after discovering extensive electricity theft operations. More than 1900 crypto mining machines were seized.
Bank of the Philippine Islands announces stablecoin payment system pilot program
The Bank of the Philippine Islands (BPI) is preparing to launch a pilot program for a stablecoin-powered settlement infrastructure designed for cross-border payments to freelance workers, virtual assistants and additional workers receiving international income, as reported by local media sources.
Created in partnership with global digital clearinghouse Meridian, the infrastructure aims to minimize the expense and processing duration of incoming payments while maintaining safeguards employed in conventional banking transactions, as reported by ABS-CBN and the Philippine Daily Inquirer.
Stablecoins would function as a settlement mechanism prior to the funds being converted to Philippine pesos and deposited to recipients' BPI accounts.
Coinbase plans to increase Singapore office workforce by 25%: Report
Cryptocurrency trading platform Coinbase intends to strengthen its footprint in Singapore and increase its workforce from 150 to approximately 200 employees by the conclusion of 2026.
The cryptocurrency platform is primarily seeking to recruit additional engineers, customer service personnel, relationship management specialists and institutional sales representatives for its Singapore office, which commenced operations at One Raffles Quay on Wednesday. Hassan Ahmed, Coinbase's country director for Singapore, told the Business Times 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.
Hong Kong digital asset leader HashKey consolidates regional trading platforms into unified system
Hong Kong-based digital asset services enterprise HashKey Holdings has consolidated its HashKey Exchange and HashKey Global trading platforms into a unified system and application.
Primary jurisdictional centers including Hong Kong, Singapore, the Middle East (Dubai) and Bermuda have been integrated under a singular platform infrastructure.
The strategic approach enables all users to download an identical application regardless of geographic location, while the platform administers compliance on the operational backend with respective local regulatory frameworks.
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 account to others so they could receive and transfer funds.
Authorities in Shenzen have closed down numerous social media accounts for hyping up cryptocurrencies.