Why is Binance banned?

I'm a bit confused about the recent news. Why has Binance been banned? I've been hearing a lot about it recently, and I'm curious to understand the reasons behind this decision. As a professional in the field of cryptocurrency and finance, I'm sure you have a deeper understanding of the situation. Could you please enlighten me on the matter? Is it due to regulatory issues, security concerns, or something else entirely? I'd appreciate it if you could provide a detailed explanation.