Binance gave more signals that it is feeling the heat from regulatory scrutiny around the world. The crypto exchange’s CEO, Changpeng Zhao, commonly known in crypto as “CZ,” published an open letter Wednesday calling for more regulation of digital currency and detailing his company’s efforts to become more compliant. 

The letter makes you wonder just how much trouble Binance is in. The big crypto exchange is said to be under investigation by U.S. authorities (though it hasn’t been accused of any wrongdoing). And it seems that every day a different government is challenging whether Binance can legally operate in their country, with Thailand and even the very business-friendly Cayman Islands being the latest to raise questions about the exchange. 

CZ’s appeal seems to be an effort to show regulators that Binance is mindful of the rules, but it might be too little, too late.