What happened with Binance?

I've been hearing a lot of talk about Binance recently, but I'm not quite sure what exactly has been happening. As a professional in the field of cryptocurrency and finance, could you please provide me with a brief overview of what's been going on with Binance? I've heard about some regulatory issues and maybe even some hacks, but I'd like to get a clearer understanding of the situation. How has this affected the crypto market, and what are the potential implications for investors? Thank you for your time and expertise.