Binance Holdings Ltd. is facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service, Bloomberg reported Thursday.

Officials specializing in tax and money-laundering investigations are probing the world’s largest crypto exchange, according to the report. 

Binance operates a sprawling global empire of crypto trading, including derivatives, which are essentially barred from the U.S. market. Binance has attempted to project itself as above-board through recent regulatory hires, including former U.S. senator Max Baucus. Former banking regulator Brian Brooks was installed as CEO of Binance’s U.S. affiliate last month. Binance is based in the Cayman Islands.

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,” a Binance spokeswoman said in a statement. “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”

She declined to comment further on the reported investigation. 

Binance CEO “CZ” Changpeng Zhao commented on the Bloomberg article in a tweet:

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