What has happened to Binance?

I'm quite puzzled about the recent situation surrounding Binance. As a leading player in the cryptocurrency industry, it has always been reliable and trustworthy. However, lately, there have been rumors and speculation about its operational status. Has Binance encountered any legal issues or security breaches? What exactly has happened, and how is it addressing these challenges? I'm sure many of us in the crypto community are eager to know the answers.