What is the Binance scandal?

Can you shed some light on the recent Binance scandal? I've heard whispers about regulatory issues and accusations of market manipulation, but I'm not sure what the full story is. What exactly happened, and how has it impacted the cryptocurrency community and Binance's reputation? Have there been any consequences or penalties imposed as a result of this scandal? I'm curious to learn more about this matter and its potential implications for the future of the crypto market.