Mr. Zhao, 46, has responded by hiring compliance officials with government credentials and pledging to help law enforcement agencies stop crypto crimes. Binance executives are meeting with reporters to trumpet the company’s compliance efforts, and the exchange’s U.S. arm has formed a political action committee to push its agenda in Washington.

Mr. Zhao called the C.F.T.C. lawsuit “unexpected and disappointing,” describing it as an “incomplete recitation of facts.” A company spokesman declined to comment on the other investigations. Representatives for the Justice Department, the C.F.T.C. and the S.E.C. also declined to comment.

The increasing pressure on Binance has already sent tremors through the crypto market. The exchange’s U.S. operation recently lost a major banking partner, Signature Bank, when the embattled lender went out of business last month. Binance also lost its outside auditing firm, Mazars, last year after the company said it was pausing work for crypto clients. (The spokesman said Binance had engaged new audit firms but declined to identify them.)

Some of Binance’s customers appear spooked. Over seven days in late March, more than $2 billion in cryptocurrencies built on the popular Ethereum network was withdrawn from the exchange, according to the crypto data tracker Nansen. So far this month, nearly $1 billion has left the platform. Binance still sits on an estimated $66.5 billion in customer holdings, Nansen says.

The C.F.T.C. lawsuit provided a wake-up call about the severity of Binance’s legal situation. The complaint, citing internal texts and emails, argued that the company had allowed criminals to launder funds. Some customers could bypass critical background checks, the complaint said, using loopholes left in place to preserve the exchange’s profits. Privately, Binance employees joked about terrorists moving money on the platform and acknowledged that the company “facilitated potentially illegal activities,” the C.F.T.C. said in its complaint.