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.
On the other hand, aggressive marketing is a normal business practice, which any self-respecting company should use. The global battle was bound to happen sooner or later - and it is good that there is such a strong exchange as Binance. in my opinion, the SEC made a mistake in choosing a competitor.
I also think that there must be some influence of the banking lobby behind this lawsuit, granted, CZ and Binance probably made mistakes and they are now being used against them in court.
But the fact is that Binance is not only a cryptocurrency exchange, it is a bank and offers basically full banking in crypto currency and stable coins to their clients: saving accounts, collateralized loans, instant payment systems, P2P markets... The banks of USA may feel threatened by Binance because it's rapid growth, specially outside the USA and among those who do not like the fees and problems of traditional banking.
For example, have you taken a look at the Paypal fees? Binance Pay does not have any. One of the biggest reasons it is becoming popular here in my country as a payment method.
