Why did Binance get banned?

I'm curious, could you explain to me the reasons why Binance, a major cryptocurrency exchange, was banned? I've heard rumors about regulatory issues and compliance violations, but I'd like to hear a more detailed account from someone who has a deep understanding of the industry. Could you also discuss the potential impact this ban might have had on the cryptocurrency market and the millions of users who rely on Binance for their trading needs? Thank you for your time and expertise.