Can police track Binance?

Could you elaborate on the possibilities and limitations of law enforcement agencies in tracking transactions on Binance, a popular cryptocurrency exchange? How does the anonymity and decentralization of blockchain technology impact their efforts? Are there any specific tools or techniques that law enforcement often utilizes in their attempts to trace suspicious activities on such platforms? Additionally, what are the legal implications and considerations that must be taken into account when law enforcement seeks to investigate Binance or similar cryptocurrency exchanges?