How did Binance get caught?

I'm somewhat surprised to hear that Binance, a seemingly reputable cryptocurrency exchange, has been caught up in some controversy. Could you enlighten me on what exactly happened? Was it due to some regulatory issues, or was there some form of misconduct involved? Given its size and influence in the crypto world, I'm sure many people are curious about the details of this situation. Could you provide a brief overview of the events that led to Binance's current predicament? Thank you for your time and insight.