Can Binance freeze funds?

As a cryptocurrency exchange platform, Binance holds a significant amount of user funds. Given this responsibility, I'm curious to know if Binance has the ability to freeze funds? If so, under what circumstances would they exercise this power? Would it be in response to regulatory requests, security breaches, or other reasons? Additionally, what mechanisms does Binance have to ensure that fund freezing is done fairly and transparently, and how do they protect the rights of users whose funds may be affected?