CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the portfolio team. He also worked at OKCoin as CTO for less than a year, a platform for the site that trades between fiat and digital assets The company was founded in China but moved its servers and headquarters to Japan in anticipation of the Chinese government's ban on cryptocurrency trading in September 2017. In March 2018 the company established its offices in Taiwan In January 2018 it successfully raised its token (BNB) to a market capitalisation of $1.3 billion. In March 2018, Binance announced its intentions to open an office in Malta following tighter controls in Japan and China. In April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda.4 Months later, a similar MoU was signed with the Malta Stock Exchange to develop a platform for token trade security. In 2019, the company announced Binance Jersey, a separate entity from its parent Binance.com exchange, with the goal of expanding its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British Pound In January 2019, Binance announced that it would partner with an Israel-based payment processor Simplex to enable purchases with debit cards and credit cards, including Visa and Mastercard. Purchases are made with Simplex's policies and local bank policies being limited to Bitcoin, Ethereum, Litecoin and Ripple XRP In May 2019, Binance announced that it was the victim of a "large-scale security breach" in which hackers stole 7,000 Bitcoin with an estimated value of $40 million. Changpeng Zhao said the hackers "used various techniques, including phishing, viruses and other attacks" and structured their transaction "in a way that passed our existing security controls." The site promised to reimburse affected customers Binance is not officially regulated by global entities. It is not known exactly in which country the company's headquarters are located. On 21 February 2020 the Malta Financial Services Authority issued a public statement noting that Binance "is not licensed by MFSA to work in the cryptocurrency sphere, so it is not intended for regulatory oversight from MFSA. On 28 October 2020, Forbes contributors published leaked documents confirming that Binance and Changpeng Zhao (also known as CZ) have created an elaborate corporate structure designed to premeditatedly deceive US regulators and achieve hidden profits from cryptocurrency investors On April 20, 2021, Brian Brooks who served as the head of the Trump administration's Office of the Comptroller of the Currency (OCC) became the new CEO of Binance.US