Why are U.S. citizens not allowed on Binance?

Why is it that U.S. citizens are restricted from accessing Binance, a leading cryptocurrency exchange platform? Are there specific regulations or laws in place that prohibit American individuals from trading on this platform? How does Binance justify this restriction, and what measures have they put in place to ensure compliance with these regulations? Could there be any potential consequences for U.S. citizens who attempt to bypass these restrictions and trade on Binance anyway?