What happened to Binance?

I've been hearing a lot about Binance lately, but I'm not exactly sure what's going on. Can you fill me in on what happened to this crypto exchange? I've seen some news about regulatory issues and other controversies, but I'd like to get a more detailed understanding of the situation. How did it all start, and where does it stand now? Also, what does this mean for the future of Binance and the crypto industry at large?