Well, it's limited in scope as long as they don't intentionally go out of their way to circumvent the ban. UK citizens can still access binance's offering via a VPN, although it is not legal. You can't make the entire executive team non grata because your citizens are using a VPN to access a banned product.

The whole thing with this is it shows how powerless nationstates have become in their ability to regulate these kind of things. Binance has the possibility of being regulated to death, but what about the decentralized derivitives exchange DxDy or Sythetix? Here in the US it is illegal as a retail investor to have more than 3x trading leverage on securities. I can get access to 10x leverage on Sythetix as a retail trader which is technically illegal, but since it's not a security it's in this weird gray area. Even if the US finally starts understanding the possibilities inherent in crypto, they wouldn't be able to stop it even if they brought the whole weight of the US nationstate ontop of it. It's decentralized. You'd have to shut down Eth, Matics, DOT, Solana, Etc. To stop these kind of exchanges. Each of these orgs might have a few people to arrest or point too, but are largely 'Decentralized' and already on the blockchain.