In my opinion, the factor that caused Binance to experience a crisis was because it was too ambitious and expanded in many countries. In my country, the Binance group also opened exchanges but it seems that there are not many users. They advertise in many media such as television, newspapers, online media and many more. Of course this costs money. marketing increases.
The parent company of the largest cryptocurrency exchange by trading volume, Binance, is suspected of violating sanctions against Russia and The agency intends to find out whether Binance officials or companies allowed Russians to circumvent US sanctions and transfer money through its trading platform. At the time of writing, neither the exchange nor its executives were reportedly accused of wrongdoing.financial institutions immediately allow the U.S. government to have jurisdiction over those transactions. (NY has many banks that facilitate global transactions, so it usually falls in their jurisdiction on the federal level).