Why Binance is banned in US?

I'm somewhat puzzled about the recent ban on Binance in the United States. As a leading cryptocurrency exchange, Binance has always been known for its innovative services and robust security measures. Could you possibly explain what led to this decision and what specific concerns the authorities have with the exchange? Also, does this mean that US-based crypto investors now have limited options when it comes to trading and managing their digital assets? I'd appreciate it if you could provide some clarity on this matter.