They've since the beginning operated in an illegal way, but stayed ahead of enforcement while awaiting clarification of laws.  We've in the US seen Binance basically disappear, as I don't think Binance.us is ever run by the same company.  Now I see that Binance is being restricted from trading US stock tokens.  I'm surprised they had the balls to ever offer this to be honest, and I think it's an awesome development, but CZ and Binance have tested their limits and now they have to back down from regulators and see what they're going to be allowed to maintain going forward.

Also, people in crypto hate centralization and Binance has built the most centralized and groundbreaking company in crypto.  Their use of the BNB token is something that will likely be studied in economics and business classes for decades to come.