Binance, the world's largest digital asset exchange, is about to face fines and penalties to end intractable surveillance and inspection investigations in the US.

Binance has been working with regulators to correct previous compliance problems, according to a report in the Wall Street Journal on Feb. 15, citing Patrick Hillman, the company's chief strategy officer.

Mr Hillman shows that Binance is working with regulators to figure out what precautions we must take to make up for this.

He added that the result of the ongoing investigation is likely to be a fine, but it may be more, he said, which is determined by regulators.

Binance is subject to several types of investigations in the United States, including one that originated in 2018 as a result of possible violations of the Anti-money laundering Act by the U.S. Judiciary.

In March 2021, the Commodity Futures Trading Federation also investigated whether the company provided data encryption derivatives to US users without any application for registration with the agency.

In February last year, the Securities and Exchange Commission (Securities And Exchange Commission) also investigated the US units of Binance, involving the online trading platform related to CEO Zhao Changpeng.

Hillman added that Binance was confident about the progress of the discussion and thought it was really good, but could not reveal the amount of the fine or the timetable for reaching an agreement with US regulators.

He said that in the United States, the login password lacks picture quality, which makes "we are very confused."

The SEC has recently stepped up what field watchers call a "tough crackdown on login passwords", which may be aimed at chip services and stabilization funds that it feels fall within the purview of securities law.

Referring to recent law enforcement activities, the Binance executive said it "will have a really deep and long-term chilling effect in the United States".

Earlier this week, New York City regulators cracked down on Paxos, blocking it from selling a large number of Binance-branded Binance coins.

Last week, Kraken, a US password trading center, was fined $30 million and ordered to terminate its chip service after SEC took enforcement action.

Patrick Hillman concluded that resolving difficulties with US regulators would be good for companies and for the future.

"it will be a good time for our company, because he can leave it behind."

Binance declined to release any additional comment on the matter.