Why did China ban Binance?

I'm quite puzzled why China has decided to ban Binance. Binance is one of the largest and most reputable cryptocurrency exchanges in the world, with millions of users and a significant impact on the crypto industry. Could you please elaborate on the reasons behind this ban? Is it related to Binance's operational practices, or is it due to broader policy considerations? Given that China has been actively promoting blockchain technology and digital currencies in recent years, this decision seems somewhat contradictory. Could you provide some insight into the Chinese government's thinking?