Balance

Standard	Rotated out on April 23, 1997
Pioneer	Not Legal
Modern	Not Legal
Legacy	Banned since May 1, 1996
Vintage	Restricted since April 19, 1995
Commander	Banned since October 8, 2004
Pauper	Never Banned
Oathbreaker	Banned since June 19, 2018
Extended	Rotated out on October 1, 1999

View on Scryfall

Timeline

• August 5, 1993 - Released
• April 19, 1995 - Status changed to Restricted in Standard
• April 19, 1995 - Status changed to Restricted in Vintage
• May 1, 1996 - Status changed to Banned in Legacy
• January 1, 1997 - Status changed to Banned in Standard
• April 23, 1997 - Status changed to Rotated in Standard
• July 1, 1997 - Status changed to Banned in Extended
• October 1, 1999 - Status changed to Rotated in Extended
• October 8, 2004 - Status changed to Banned in Commander
• June 19, 2018 - Status changed to Banned in Oathbreaker

Rationale

Balance is, ironically, one of the most unbalanced cards the game has ever seen. The player casting it is in full control of the timing that the effect takes place, giving them ample opportunity to manipulate the board state so that they come out ahead. The fact that it only affects lands, creatures, and cards in hand meant that the person playing it can easily build their decks around it with other permanent types. This discrepancy in power lead to it being banned in every format it was ever legal in.