Does Binance US report to the IRS?

Could you please clarify if Binance US, as a cryptocurrency exchange operating in the United States, is required to report any financial transactions or activities to the Internal Revenue Service (IRS)? As a taxpayer and user of their platform, I'm interested in understanding the tax implications and reporting obligations associated with my transactions on Binance US. Is there a specific process or policy in place for Binance US to ensure compliance with IRS regulations? Additionally, are there any known instances where Binance US has failed to comply with IRS reporting requirements, and if so, what were the consequences?