Don't they have a dedicated binance.us version? Its "Licenses" page[1] lists licences from multiple US states and Guam. It is registered as "BAM Trading Services Inc."
They are a singapore company jurisdictian wise, whole city is by now just a chinese front, to avoid the embargos and hostilitys of us and chinese relations.
(Similar to vietnam as final assembly place for cellphones, to avoid made in china).
So its a party company, out there to keep a eye on the syphoning of funds out of china by the rich.
Former founder "vanished" like so many not party animals.
I'm just playing devil's advocate here but - If you control the people that run the capital flight operation, then you control who can flight capital. That may be appealing to you if you're a high enough power and want to be able to move your capital but not let the peasants do it.
Partial escape makes all those bribes and paid money for loyalty worth anything.
Otherwise, there is no justice system, so even a billionaire can vannish over night, making all the money in the world worthless. What good is it to be a party official, if you can not garantee that your children and spouse are in safety and better off at least.
Not sure about the China angle, but if he's in Singapore he may be safe. Allegedly the Singapore-US extradition does not cover money laundering [0]. Although, I'm not sure if this will count as Fraud or Money Laundering.
Crypto is all super shady but that's how their advocates want it I guess?