World’s biggest crypto exchange Binance Holdings Limited is under Justice Department and Internal Revenue Service investigation, according to Bloomberg. Officials probe tax offenses and money laundering in a move to weed out illicit activity from the loosely regulated market.

Binance has avoided the state eye and lacks corporate headquarters despite having an office in Singapore.

Last year, U.S agencies flagged funds linked to criminal activity that flowed through Binance, a crypto exchange incorporated in the Cayman Islands.

U.S officials are concerned over the use of cryptocurrencies to fund illegal activity.

It is not clear what is being probed, with reports saying the authorities are reviewing employees and customers of Binance. 

Binance has said it follows American rules and blocks U.S citizens from the exchange besides using advanced technology to counter money laundering and illicit activity.

U.S agencies are yet to accuse Binance of wrongdoing and the move happens when authorities have been targeting crypto exchanges for not complying with laws.