Why is Binance founder going to jail?

I'm puzzled about the situation surrounding Binance's founder and his imprisonment. Could you please elaborate on the reasons why he is facing this legal consequence? Was it due to some illegal activities or perhaps a violation of financial regulations? Given his position and influence in the cryptocurrency world, this news has certainly caused a stir. I'd appreciate it if you could provide a detailed account of the events leading to his arrest and the specific charges he is facing.